30.12.201913:43 Forex Analysis & Reviews: Ichimoku cloud indicator short-term analysis of Gold for December 30, 2019

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Gold price has given several bullish signals but bulls need to be cautious. Usually after such cloud break outs we have a back test. If this back test unfolds as usually, we should not be surprised to see Gold price retest $1,500-$1,490.

Red line - resistance (broken)

Green line - support

Gold price is short-term overbought. Price justifies a pull back towards the cloud support or at least the tenkan-sen (red line indicator). The expected pull back should reach the $1,500-$1,490 area. Bouncing off that area would be another bullish sign. At current level I prefer not to add to long positions and chase the price. Patience is needed for traders to wait for a pull back. Trend is bullish as long as price is above the cloud.

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