The legend in the InstaSpot team!
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Gold price is trading around $1,665. Since the end of April Gold price is in bearish trend according to the Ichimoku cloud indicator. At the end of April price broke down below the Kumo (cloud) providing us with the first important bearish signal. Price got rejected at the cloud resistance every time a strong bounce followed the decline. The Kumo remain unbreakable. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) (bearish). Resistance is at $1,694 and $1,727. In order for trend to change to bullish price will need to break above the cloud at $1,780. So far no trend change signal, even a short-term. 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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