You are here: Home > articles > Commodities > Forex > Ichimoku cloud indicator analysis on Gold for August 24th, 2023.
Ichimoku cloud indicator analysis on Gold for August 24th, 2023.
August 24, 2023 3:22 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Gold price is trading around $1,915-20 bouncing off the recent lows of $1,884. In Ichimoku cloud terms, trend remains bearish as price is still below the Daily Kumo (cloud). As we explained in a previous analysis, Gold price breaking above the tenkan-sen (red line indicator) provides a bullish signal suggesting that price should continue higher towards the kijun-sen (yellow line indicator). The kijun-sen provides resistance at $1,935. As long as Gold price remains above the tenkan-sen ($1,903), price is expected to continue higher. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). For now this upward move is considered a counter trend correction of hte down trend. Bulls need to break above $1,935 in order to start hoping for a bigger move higher.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: