Gold challenges key short-term support

Gold price got another reversal from the $1,750 area and is pulling back towards key support of $1,720-$1,710. Gold price is challenging channel support and important support levels by the Ichimoku cloud indicators.

Red lines – bullish channel

Gold price is trading below both the tenkan-sen and kijun-sen indicators. A daily close below them would be a sign of weakness. If the tenkan-sen (red line indicator) also crosses below the kijun-sen ( yellow line indicator) then we will have a weak sell signal. Price is also challenging the lower channel boundary of this short-term bullish channel. Breaking below and out of this channel will add to the bearishness of the Daily chart. First target area would be the Ichimoku cloud upper boundary at $1,680.

Source: Gold challenges key short-term support

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