Gold price breaks below the Kumo (cloud) support
Gold price is trading below $1,840. Gold price is breaking out and below the Daily Kumo and this is a bearish sign. The end of the week finds Gold price near its lowest levels and this is not a good sign for next week.
Gold price remains vulnerable to a move towards $1,800-$1,750. Gold price has resistance the upper cloud boundary at $1,865. We expect today’s price action to be followed by more downside over the next couple of weeks with Gold pushing below $1,750. Only if bulls recapture the cloud resistance we can discard the bearish view. The material has been provided by InstaForex Company – www.instaforex.com