Gold price continues to trade around $1,800. Price remains in a bearish trend according to the Ichimoku cloud indicator as price is still below the Kumo. However there is no progress to the downside as price mostly moves sideways over the last few sessions.
Resistance by the cloud is at $1,810. As long as price is below this level, trend is bearish and price is vulnerable to another decline towards $1,780. Support is at $1,790, breaking below it will be a bearish sign. Our most probable scenario is for price to break above $1,810 and continue higher towards $1,850-60. Confirmation will come with the break above $1,810. Until then bulls need to be cautious.
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