Ichimoku cloud indicator analysis on Gold for April 21st, 2023.
April 21, 2023 3:22 pm
Gold price is trading around $1,974. Price has provided a new bearish signal earlier today as price broke down below the 4 hour Kumo (cloud) support. In previous posts we warned that key short-term technical support is at $1,990 and a move below this level would be a sign of weakness. Short-term trend according to the Ichimoku cloud indicator is bearish again. After the first move down towards $1,968, price bounced back up towards cloud resistance and got rejected. Price is very close to making a new lower low. Price is vulnerable to more downside. Price is below both the tenka-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen is also very close to crossing below the kijun-sen providing a new bearish signal. The Chikou span (black line indicator) is also below the candlestick pattern and the cloud. The picture in the 4 hour chart is bearish according to the Ichimoku cloud indicator. As we mentioned in our technical analysis the most probable scenario is for price to continue lower.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,974. Price has provided a new bearish signal earlier today as price broke down below the 4 hour Kumo (cloud) support. In previous posts we warned that key short-term technical support is at $1,990 and a move below this level would be a sign of weakness. Short-term trend according to the Ichimoku cloud indicator is bearish again. After the first move down towards $1,968, price bounced back up towards cloud resistance and got rejected. Price is very close to making a new lower low. Price is vulnerable to more downside. Price is below both the tenka-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen is also very close to crossing below the kijun-sen providing a new bearish signal. The Chikou span (black line indicator) is also below the candlestick pattern and the cloud. The picture in the 4 hour chart is bearish according to the Ichimoku cloud indicator. As we mentioned in our technical analysis the most probable scenario is for price to continue lower.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: