Ichimoku cloud indicator analysis on Gold for June 27th, 2023.
June 27, 2023 4:24 pm
Gold price remains in a bearish trend as price is still below the 4hour Kumo (cloud). Gold not only failed to approach cloud resistance, but it broke below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Both are now at $1,920-23 providing short-term resistance. The tenkan-sen is very close to crossing below the kijun-sen. This would be an added sign of weakness. The Chikou span (black line indicator) is below the candlestick pattern (bearish). So far no sign of a trend reversal in the 4 hour chart. Key resistance according to the Ichimoku cloud indicator is at $1,940. As long as price is below this level bears remain in control of the trend. Will bulls challenge this key resistance? A break above $1,920-23 will be the first sign of a possible reversal.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price remains in a bearish trend as price is still below the 4hour Kumo (cloud). Gold not only failed to approach cloud resistance, but it broke below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Both are now at $1,920-23 providing short-term resistance. The tenkan-sen is very close to crossing below the kijun-sen. This would be an added sign of weakness. The Chikou span (black line indicator) is below the candlestick pattern (bearish). So far no sign of a trend reversal in the 4 hour chart. Key resistance according to the Ichimoku cloud indicator is at $1,940. As long as price is below this level bears remain in control of the trend. Will bulls challenge this key resistance? A break above $1,920-23 will be the first sign of a possible reversal.
The material has been provided by InstaForex Company – www.instaforex.com
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