Ichimoku cloud indicator analysis on Gold for July 6th, 2023.
July 6, 2023 12:23 pm
Gold price is trading around $1,924. Price remains inside the Kumo (cloud), trying to break above it. Price is now challenging the upper cloud boundary resistance at $1,925. Yesterday price failed to break out of the cloud and turned lower and found support at the kijun-sen (yellow line indicator) at $1,914. The loser cloud boundary is the key short-term support found at $1,907. As long as we trade above this level, bulls have hopes for a move higher towards $1,950-60. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). A break above the cloud would be a bullish signal. This is the most likely scenario.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,924. Price remains inside the Kumo (cloud), trying to break above it. Price is now challenging the upper cloud boundary resistance at $1,925. Yesterday price failed to break out of the cloud and turned lower and found support at the kijun-sen (yellow line indicator) at $1,914. The loser cloud boundary is the key short-term support found at $1,907. As long as we trade above this level, bulls have hopes for a move higher towards $1,950-60. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). A break above the cloud would be a bullish signal. This is the most likely scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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