Source: Forex Analysis
Gold price remains in a bearish short-term trend as price is below the 4-hour Kumo (cloud) at $1,334-41. Price is bouncing to challenge cloud resistance. Bulls need to be cautious in case we see a rejection at $1,334. On the other hand, bears need to push price back below $1,321 as soon as possible.
Black line – resistance
Gold price is above the tenkan- and kijun-sen indicators and is heading towards cloud resistance at $1,334. This is also where we find the downward sloping trend line resistance. So the $1,334 level is very important. Support is at $1,317. A break below it will open the way for a move towards $1,307.
On a daily basis, Gold price remains below the tenkan-sen (red line indicator). The tenkan-sen resistance is now at $1,330 and the kijun-sen at $1,336. As long as price is below these two indicators, I expect Gold price to move towards the Daily Kumo at $1,300-$1,290.The material has been provided by InstaForex Company – www.instaforex.com