Ichimoku cloud indicator Daily analysis of Gold

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The Ichimoku cloud indicator in the Daily chart warns Gold bulls that unless they step in soon, we should expect a strong pull back. Gold price has broken below the Daily Kumo (cloud) support and despite the efforts by bulls to recapture key levels, we see failure to do so.

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Gold price is below the Kumo. This is the most important sign so far. Each time price tries to get inside the cloud we see a rejection and selling pressure. This is a bearish sign. Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is bearish. The Chikou span (black line indicator) is below the candlestick pattern and this is also bearish. Bulls need to recapture the $1,917 level soon otherwise we could see a strong sell off towards $1,850-$1,800. Support is found at recent lows at $1,882. Breaking below this level will increase dramatically the chances for a move towards $1,850-$1,800.The material has been provided by InstaForex Company — www.instaforex.com

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