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Gold price is trading around $1,968. According to the Ichimoku cloud indicator trend remains bullish. So far there is no sign of weakness or reversal. Price recently pulled back towards the tenkan-sen (red line indicator) and tested the support at $1,947. Price is respecting the support level and remains above the indicator. A daily close below the tenkan-sen would be a short-term reversal signal and price will be vulnerable to a pull back towards the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains above the candlestick pattern (bullish). If support fails to hold, we expect Gold price to reach the kijun-sen at $1,906.
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