FX.co ★ Gold price bounces off cloud support.

In our previous analysis on Gold, we noted that price was challenging the Daily cloud support. Price is now bouncing off this support and this is a bullish sign. Holding above last week's lows is key for the near term trend.

Holding above $1,780 is key for the short-term trend. Resistance is at $1,810 and a break above it will be a bullish sign. If price falls below $1,780 on a daily closing basis, then according to the Ichimoku cloud indicator trend will change to neutral. A break below $1,759 will change trend to bearish. So far price seems supported at $1,780-90. Bulls need to defend this level and eventually break and recapture $1,800-$1,810.