FX.co ★ Ichimoku cloud analysis of Gold

Gold price continues to trade inside the trading range we mentioned in our last post and still below the key trend line resistance at $1,750. Support remains at $1,720 and resistance at $1,750. The Ichimoku cloud indicator confirms that if bulls recapture $1,745-50 then we could see a bigger bounce.

Gold price could reach the Kumo (cloud) at $1,800-$1,815 if Gold price breaks above $1,750. Price is now challenging the kijun-sen (yellow line indicator). Breaking above it will be a weak bullish signal because price is below the Kumo (cloud).

Gold price has support at $1,720 or the lower trading range boundary we mentioned yesterday. As long as we hold above this level bulls still have hopes for breaking the red downward sloping trend line resistance. Breaking $1,720 will most probably bring Gold price below $1,700 again and maybe towards $1,650-30.