Ichimoku cloud indicator analysis on Gold for July 4th, 2023.
July 4, 2023 3:24 pm
Gold price is trading around $1,930. According to the Ichimoku cloud indicator in the 4 hour chart trend is now neutral. Price entered the cloud yesterday, initially got rejected but bulls bounced off the tenkan-sen (Red line indicator) to re-enter the Kumo. There are several signs pointing to more upside in Gold. The tenkan-sen has crossed above the kijun-sen (yellow line indicator). Support is now at $1,919. A 4 hour candlestick close below this level will open the way for a bigger decline towards the kijun-sen at $1,911. The Chikou span (black line indicator) is above the candlestick pattern (bullish). For 4 hour trend to change to bullish, price must break above the Kumo resistance at $1,936.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,930. According to the Ichimoku cloud indicator in the 4 hour chart trend is now neutral. Price entered the cloud yesterday, initially got rejected but bulls bounced off the tenkan-sen (Red line indicator) to re-enter the Kumo. There are several signs pointing to more upside in Gold. The tenkan-sen has crossed above the kijun-sen (yellow line indicator). Support is now at $1,919. A 4 hour candlestick close below this level will open the way for a bigger decline towards the kijun-sen at $1,911. The Chikou span (black line indicator) is above the candlestick pattern (bullish). For 4 hour trend to change to bullish, price must break above the Kumo resistance at $1,936.
The material has been provided by InstaForex Company – www.instaforex.com
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