16.04.202014:49 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of Gold

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Gold price remains in a bullish trend as long as price is above $1,700. Price has shown us warning signs and we have warned traders to be cautious and raise their protective stops. Gold price could make a strong reversal any day and I expect this to lead to a sharp decline. But no sign of it yet.

In Ichimoku cloud terms Gold price in the 4hour chart remains bullish. Price is above both the tenkan-sen and kijun-sen indicators and consequently above the Kumo. The Chikou span (blue line indicator) is also above the candlesticks and positively sloped. There is no worrying sign here. What would make us expect a pull back is coming. If price breaks below the kijun-sen at $1,697 I would expect at least a pull back towards the Kumo at $1,660-70. If the cloud breaks also then we start to consider possible bigger pull back and major top scenarios.

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