Ichimoku cloud indicator analysis on Gold for August 22nd, 2023.
August 22, 2023 10:25 am
Gold price is trading around $1,900. Price is bouncing higher towards the cloud resistance at $1.910. Short-term trend according to the Ichimoku cloud indicator is bearish, as price remains below the Kumo (cloud). The kijun-sen (yellow line indicator) provides support at $1,895 and the tenkan-sen (red line indicator) at $1,893. A 4 hour close below these two levels would be a bearish sign. The Chikou span (black line indicator) is still below the candlestick pattern (bearish). The Chikou span is now challenging the resistanceby the candlestick pattern. So far we have some signs of strength pointing to a bigger bounce higher towards $1,910. There is no sign of a trend change yet. Bears remain in control of the trend and we still consider this as a pause in the down trend.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,900. Price is bouncing higher towards the cloud resistance at $1.910. Short-term trend according to the Ichimoku cloud indicator is bearish, as price remains below the Kumo (cloud). The kijun-sen (yellow line indicator) provides support at $1,895 and the tenkan-sen (red line indicator) at $1,893. A 4 hour close below these two levels would be a bearish sign. The Chikou span (black line indicator) is still below the candlestick pattern (bearish). The Chikou span is now challenging the resistanceby the candlestick pattern. So far we have some signs of strength pointing to a bigger bounce higher towards $1,910. There is no sign of a trend change yet. Bears remain in control of the trend and we still consider this as a pause in the down trend.
The material has been provided by InstaForex Company – www.instaforex.com
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