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Gold price remains supported by the Kumo (cloud). Price has reached our first target area of $1,570 and bounced strongly above $1,600 again. Cloud support is respected and bulls have now the chance to move towards $1,630 resistance.
In a
previous analysis, when price was breaking below the tenkan-sen (red line indicator) we mentioned that our target was the Kumo and $1,570. Now price is bouncing off the cloud and moving above the tenkan- and kijun-sen indicators. This price action is a bullish sign. Next resistance level is at $1,612-$1,630 area. A rejection in that area would be a bearish sign. I expect price to enter this area of resistance. Breaking above it will open the way for a move towards $1,650-$1,700. Support is at $1,588. If bulls fail to hold price above that level, I will be expecting price to reach $1,550 lower cloud boundary. Breaking below this level will push price towards $1,530-$1,500. For now short-term analysis supports the bullish case.
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