Ichimoku cloud indicator analysis on Gold for August 17th, 2023.
August 17, 2023 3:22 pm
Gold price is trading below $1,900 after briefly breaking below the June lows of $1,892. Technically trend remains bearish as price continues making lower lows and lower highs. Today we use the Ichimoku cloud indicator to identify key resistance levels in the near term. In the 4 hour chart price remains below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen provides resistance at $1,897 and the kijun-sen at $1,904. The Chikou span (blue line indicator) is below the candlestick pattern (bearish) and suggests that resistance is found at $1,912. The Kumo provides resistance at $1,920. In the near term price could bounce towards that level. If Gold price breaks above $1,904, then we will get a first sign of reversal and the start of the bounce. Until then we should expect Gold to continue making lower lows and lower highs.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading below $1,900 after briefly breaking below the June lows of $1,892. Technically trend remains bearish as price continues making lower lows and lower highs. Today we use the Ichimoku cloud indicator to identify key resistance levels in the near term. In the 4 hour chart price remains below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen provides resistance at $1,897 and the kijun-sen at $1,904. The Chikou span (blue line indicator) is below the candlestick pattern (bearish) and suggests that resistance is found at $1,912. The Kumo provides resistance at $1,920. In the near term price could bounce towards that level. If Gold price breaks above $1,904, then we will get a first sign of reversal and the start of the bounce. Until then we should expect Gold to continue making lower lows and lower highs.
The material has been provided by InstaForex Company – www.instaforex.com
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