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Gold's price has made a strong reversal since yesterday when price spiked to $1,973. Gold is currently trading below $1,900. Was yesterday's spike a trap? Gold price is now challenging key cloud support and if broken we should expect a bigger reversal.
Gold price continues to trade above the Kumo (cloud) in the 4 hour chart. At $1,886 we find the upper boundary of the cloud support. On a daily basis the key support is at $1,876. At $1,867 we find the lower boundary of the cloud. Bulls do not want to see price break below that level. Concluding, Gold is now challenging an area between $1,886-68 which is important support both in the 4 hour chart and in the Daily chart.
On a weekly basis the candlestick pattern is also bearish. If the week ends with such a candlestick, I will be expecting the selling pressure to continue next week and bring Gold price even lower.
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