Ichimoku cloud indicator analysis on Gold for August 23rd, 2023.
August 23, 2023 12:26 pm
Gold price is trading just above $1,900, in a positive near term momentum for a third straight day. In Ichimoku cloud terms in the Daily chart, trend remains bearish as price remains below the Daily Kumo (cloud). In the daily chart price is now challenging the tenkan-sen (red line indicator) resistance. If price breaks above $1,905, we could see a continuation of this bounce towards the kijun-sen (yellow line indicator) that provides resistance at $1,935. The kijun-sen is now where the lower cloud boundary is found. As long as we trade below the cloud, trend remains bearish. However it is highly probable to see price bounce and back test the cloud from below. The Chikou span (black line indicator) remains below th candlestick pattern (bearish), but is turning upwards following the price. As long as Gold holds above $1,890, there are increased chances of a bounce higher.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading just above $1,900, in a positive near term momentum for a third straight day. In Ichimoku cloud terms in the Daily chart, trend remains bearish as price remains below the Daily Kumo (cloud). In the daily chart price is now challenging the tenkan-sen (red line indicator) resistance. If price breaks above $1,905, we could see a continuation of this bounce towards the kijun-sen (yellow line indicator) that provides resistance at $1,935. The kijun-sen is now where the lower cloud boundary is found. As long as we trade below the cloud, trend remains bearish. However it is highly probable to see price bounce and back test the cloud from below. The Chikou span (black line indicator) remains below th candlestick pattern (bearish), but is turning upwards following the price. As long as Gold holds above $1,890, there are increased chances of a bounce higher.
The material has been provided by InstaForex Company – www.instaforex.com
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