The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Gold price has broken once again below the 4 hour Kumo (cloud) support and price is moving lower towards the December 2 lows. Such price action increases the chances we see lower lows relative to December 2nd and the $1,761 low.
Resistance by the kijun-sen (yellow line indicator) is at $1,777. Bulls need to break above this level in order to show a first sign of strength. Short-term trend will only change if price breaks above the 4 hour Kumo (cloud), now found at $1,788. Support by the December low is at $1,761. Will gold form a double bottom? Concluding, the Ichimoku cloud indicator has not confirmed any trend change. Bears remain in control of the trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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