Ichimoku cloud indicator analysis on Gold for July 27th, 2023.
July 27, 2023 1:25 pm
Gold price is trading around $1,968 after breaking above the Kumo (cloud) resistance. After the announcement of the ECB rate policy the Dollar is strengthening and Gold is under pressure. Price has already broken inside the Kumo (cloud) and below the tenkan-sen (red line indicator) that provided support at $1,971.50. Next support is at the kijun-sen (yellow line indicator) at $1,966. A close inside the cloud will turn trend neutral again. Major support is at the lower cloud boundary at $1.953. Bulls need to defend Gold price and push it above $1,971 again. Until then Gold price will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,968 after breaking above the Kumo (cloud) resistance. After the announcement of the ECB rate policy the Dollar is strengthening and Gold is under pressure. Price has already broken inside the Kumo (cloud) and below the tenkan-sen (red line indicator) that provided support at $1,971.50. Next support is at the kijun-sen (yellow line indicator) at $1,966. A close inside the cloud will turn trend neutral again. Major support is at the lower cloud boundary at $1.953. Bulls need to defend Gold price and push it above $1,971 again. Until then Gold price will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
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