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Gold has provided us today with a strong bullish signal at $1,758 when the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). Price remains above the Ichimoku cloud in the 4 hour chart, so there are still hopes for bulls.
Gold price spiked towards $1,780 but this upward move was short lived. Price came back down towards the Kumo and so far it continues to respect the support at $1,753-48 area. Gold price as we said above provided us with a bullish signal today. However more signs of strength are needed for Gold to move towards $1,800. Failure to defend $1,750-45 area will be a sign of weakness. Gold bulls need to defend the cloud and try and make a new higher high. This will give bulls enough fuel for a move towards $1,800 and maybe higher. On a daily basis according to the Ichimoku cloud indicator, trend remains bearish as price is still below the cloud.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.