Gold price is still trading above $1,800 and below the key resistance of $1,833. Price is vulnerable to a move lower as it exits out and below the Daily Ichimoku cloud.
Gold price is trading inside the Ichimoku cloud in the Daily chart. Price is challenging the lower cloud boundary which is key support. A break below $1,800 will be a sign of weakness according to the Ichimoku cloud indicator. For a bullish signal to be given, price will need to break above $1,833. Until then price is vulnerable to a move lower. Next support is at $1,790 and next at $1,746. If Gold price breaks above $1,833 we will have an important bullish signal.The material has been provided by InstaForex Company – www.instaforex.com