For the last few sessions we have been warning bulls that as long as Gold price is below the Kumo resistance it is vulnerable on a move lower. We specifically noted that key support was at $1,892 and a break below it would be our next bearish signal.
Gold price has broken below the kijun-sen (yellow line indicator) and below the $1,892 low. This is the bearish signal we were expecting. What bears want to see now is the tenkan-sen (red line indicator) cross below the kijun-sen and the Chikou span (black line indicator) to fall below the cloud. Next support for Gold is at $1,850. I expect price to break below it towards $1,800. I'm bearish as long as price is below $1,913.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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