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Medium-term trend remains bullish for Gold as price continues to trade above the Kumo (cloud), short-term trend however remains unclear as long as price trades between $1,520 and $1,484.
As we said above price is above the Kumo (cloud) confirming medium-term trend is bullish. However there are some warning signs that should not be taken lightly. The tenkan-sen (red line indicator) has crossed the kijun-sen (yellow line indicator). Also the Chikou span (green line indicator) has moved below the candles. In Ichimoku cloud terms resistance according to the Chikou span and by the Kijun-sen is at $1,520. As long as we are below this level there is increased danger of breaking below $1,484 recent low and testing cloud support and thus the medium-term trend. If bulls manage to push price above $1,520 then as bulls will regain control of the short-term trend with increased chances of seeing $1,580-$1,600.
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