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Gold price closed last week with a break below the weekly Kumo (cloud). This is a bearish sign. The implications of such a break down if confirmed will be seen over the coming months, possibly with a bigger pull back.
Gold price is below the weekly Kumo (cloud). Resistance by the lower cloud boundary is at $1,759. Bulls need to at least capture this level in order to avoid any short-term weakness. The longer price stays below the cloud the higher the chances of more selling pressure to come. The tenkan-sen (Red line indicator) is below the kijun-sen (yellow line indicator) which is another bearish signal. The Chikou span (black line indicator) is below the candlestick pattern which is yet another bearish sign. Bears are taking control of the trend.
Gold price has so far retraced 38% of the entire upward move from the $1,159 low made in August 2018. Price is breaking below the upward sloping trend line support. This is important Fibonacci support area. Bulls need to react now and push price higher, otherwise there is danger of a bigger pull back towards $1,500.
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