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Gold price is trading around $1,904. Gold price is in a bearish trend according to the Ichimoku cloud indicator. We warned traders that price was challenging important resistance levels and that trend has not changed yet. On the contrary price yesterday got rejected at cloud resistance and closed below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains above the candlestick pattern (bullish) but with a negative slope. According to the Chikou span, next support level is at $1,894. We warned traders that a rejection will be another sign of weakness and more downside should be expected for Gold price. As long as we trade below the Kumo, bears remain in control and lower levels should be expected. Resistance at $1,936 remains key for the Daily 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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