Ichimoku cloud indicator analysis on Gold for August 4th, 2023.
August 4, 2023 5:23 pm
Gold price is trading around $1,942 inside the Daily Kumo (cloud). If price closes above the lower cloud boundary, then trend will change to neutral from bearish. Price is also challenging the kijun-sen (yellow line indicator) at $1,943.50. The tenkan-sen (Red line indicator) is currently at $1,953 providing short-term resistance. The Chikou span (blue line indicator) remains above the candlestick pattern (bullish). Bulls need to break above $1,953 in order to hope for a challenge of the upper cloud boundary resistance at $1,986. Bulls will need to defend the lower cloud boundary at $1,931.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,942 inside the Daily Kumo (cloud). If price closes above the lower cloud boundary, then trend will change to neutral from bearish. Price is also challenging the kijun-sen (yellow line indicator) at $1,943.50. The tenkan-sen (Red line indicator) is currently at $1,953 providing short-term resistance. The Chikou span (blue line indicator) remains above the candlestick pattern (bullish). Bulls need to break above $1,953 in order to hope for a challenge of the upper cloud boundary resistance at $1,986. Bulls will need to defend the lower cloud boundary at $1,931.
The material has been provided by InstaForex Company – www.instaforex.com
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