Ichimoku cloud indicator analysis on Gold for July 19th, 2023.
July 19, 2023 2:23 pm
Gold price is trading around $1,976 and yesterday price closed inside the Daily Kumo. This has changed trend to neutral from bearish. The Chikou span (black line indicator) has also broken above the candlestick pattern (bullish). Price remains above the tenkan-sen and kijun-sen indicators confirming the short-term bullish momentum. The tenkan-sen (Red line indicator) provides support at $1,946 and the kijun-sen (yellow line indicator) at $1,938. Bulls do not want to see price getting rejected at cloud resistance. Bulls need to keep price inside the Kumo and gather strength for the next upward wave to break above the cloud resistance.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,976 and yesterday price closed inside the Daily Kumo. This has changed trend to neutral from bearish. The Chikou span (black line indicator) has also broken above the candlestick pattern (bullish). Price remains above the tenkan-sen and kijun-sen indicators confirming the short-term bullish momentum. The tenkan-sen (Red line indicator) provides support at $1,946 and the kijun-sen (yellow line indicator) at $1,938. Bulls do not want to see price getting rejected at cloud resistance. Bulls need to keep price inside the Kumo and gather strength for the next upward wave to break above the cloud resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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