The Gold price is making lower lows but Ichimoku cloud trend remains bullish as price remains above the 4hour cloud. Key technical and cloud support remains at $1,309 and as long as we are above it, the trend remains bullish.
Green line - support trend line
Short-term support is at $1,319 at the upper cloud boundary. Short-term resistance is at $1,333 where we find the tenkan- and kijun-sen. Price has broken below the two indicators and this is a first warning sign.
Magenta line - resistance
Blue line - long-term support
We warned that there are many chances of a rejection of the magenta trend line resistance. Gold price could pull back towards the weekly kijun-sen support (yellow line indicator) at $1,297. A weekly close below that level will push price towards the weekly cloud at $1,250.
The material has been provided by InstaForex Company - www.instaforex.com