Ichimoku cloud indicator analysis on Gold for June 30th, 2023.
June 30, 2023 4:23 pm
Gold price is trading around $1,915 and in the 4 hour chart according to the Ichimoku cloud indicator remains in a bearish trend. Price remains below the 4 hour Kumo. However we observe a slight bullish momentum as price has broken above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). When price breaks both these two indicators we usually see the tendency for price to approach the cloud. In this case the cloud is higher so there is tendency for Gold price to move towards the lower cloud boundary at $1,927. The kijun-sen provides support at $1,912 and the tenkan-sen at $1,905. The Chikou span remains below the candlestick pattern (bearish). For the Chikou span to change to bullish we need to see price break above $1,930. This could be the beginning of a trend reversal. It is too soon to tell, however the first signs are there. Bulls need to show more strength and push price above the Kumo.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,915 and in the 4 hour chart according to the Ichimoku cloud indicator remains in a bearish trend. Price remains below the 4 hour Kumo. However we observe a slight bullish momentum as price has broken above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). When price breaks both these two indicators we usually see the tendency for price to approach the cloud. In this case the cloud is higher so there is tendency for Gold price to move towards the lower cloud boundary at $1,927. The kijun-sen provides support at $1,912 and the tenkan-sen at $1,905. The Chikou span remains below the candlestick pattern (bearish). For the Chikou span to change to bullish we need to see price break above $1,930. This could be the beginning of a trend reversal. It is too soon to tell, however the first signs are there. Bulls need to show more strength and push price above the Kumo.
The material has been provided by InstaForex Company – www.instaforex.com
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