Ichimoku cloud indicator analysis on Gold for July 24th, 2023.
July 24, 2023 7:23 pm
Gold price is trading around $1,958. According to the Ichimoku cloud indicator, trend remains bearish as price is still below the Kumo (cloud). Price is now challenging the tenkan-sen (Red line indicator) that provides short-term support around $1,957. As long as price is below the cloud, Gold is vulnerable to a move lower at least towards the kijun-sen (yellow line indicator) at $1,939. Bulls need to defend $1,940 and eventually break above the cloud in order to reclaim control of the trend. For this to happen, price must break above $2,002. First step would be for price to re-enter the cloud and stay above the tenkan-sen and the kijun-sen. The Chikou span (black line indicator) is below the candlestick pattern (bearish).
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,958. According to the Ichimoku cloud indicator, trend remains bearish as price is still below the Kumo (cloud). Price is now challenging the tenkan-sen (Red line indicator) that provides short-term support around $1,957. As long as price is below the cloud, Gold is vulnerable to a move lower at least towards the kijun-sen (yellow line indicator) at $1,939. Bulls need to defend $1,940 and eventually break above the cloud in order to reclaim control of the trend. For this to happen, price must break above $2,002. First step would be for price to re-enter the cloud and stay above the tenkan-sen and the kijun-sen. The Chikou span (black line indicator) is below the candlestick pattern (bearish).
The material has been provided by InstaForex Company – www.instaforex.com
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