Ichimoku cloud indicator analysis on Gold for April 26th, 2023.
April 26, 2023 2:22 pm
Gold price is challenging the 4 hour Kumo (cloud) resistance.Trend remains bearish as price continues to trade below the cloud. Price is above both the tenkan-sen and kijun-sen indicators giving some hopes to bulls. The Chikou span is trying to break above the candlestick pattern and turn bullish. There are mixed signs in Gold’s 4 hour chart using the Ichimoku cloud indicator. Bulls do not want to see price get rejected at current resistance levels of $1,999. Support by the tenkan-sen and kijun-sen is at $1,989-91. As long as bulls hold above this level they will have hopes for a trend change. Trend changes to bullish if price breaks above the cloud resistance at $2,008. Until then Gold price remains vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is challenging the 4 hour Kumo (cloud) resistance.Trend remains bearish as price continues to trade below the cloud. Price is above both the tenkan-sen and kijun-sen indicators giving some hopes to bulls. The Chikou span is trying to break above the candlestick pattern and turn bullish. There are mixed signs in Gold’s 4 hour chart using the Ichimoku cloud indicator. Bulls do not want to see price get rejected at current resistance levels of $1,999. Support by the tenkan-sen and kijun-sen is at $1,989-91. As long as bulls hold above this level they will have hopes for a trend change. Trend changes to bullish if price breaks above the cloud resistance at $2,008. Until then Gold price remains vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
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