Gold price is in a bullish medium-term trend as price is above the Daily Kumo. However there are some warning signs in the short-term that could have bearish implications for the medium-term trend.
Price is above the Kumo (cloud) but below both the tenkan- and kijun-sen indicators. The Chikou span (dark green line) is about to break below the price candlestick which is a sign of weakness. As long as price is below $1,520 short-term trend will remain bearish. The tenkan-sen is about to cross the kijun-sen and this would be an initial bearish sign. Weak sign but still bearish. This could lead to a move lower towards the upper cloud boundary near $1.465. Key support is at recent lows at $1,484. Failure to stay above it will lead price towards $1,464-50 at least. The material has been provided by InstaForex Company – www.instaforex.com