Ichimoku cloud indicator analysis on Gold for June 7th, 2023.
June 7, 2023 1:25 pm
Black line- support trend line
According to the Ichimoku cloud indicator, Daily trend is Gold is neutral as price remains inside the Kumo (cloud). Price is trading now above the tenkan-sen (Red line indicator), but below the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is below the candlestick pattern (bearish). At the same time price remains above the black upward sloping support trend line. Resistance is found at $1,995 where we find the upper cloud boundary. Support by the cloud is at $1,926. For now there is no clear trend. Traders need to remain patient and cautious keeping a close eye on the price levels we mentioned earlier.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- support trend line
According to the Ichimoku cloud indicator, Daily trend is Gold is neutral as price remains inside the Kumo (cloud). Price is trading now above the tenkan-sen (Red line indicator), but below the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is below the candlestick pattern (bearish). At the same time price remains above the black upward sloping support trend line. Resistance is found at $1,995 where we find the upper cloud boundary. Support by the cloud is at $1,926. For now there is no clear trend. Traders need to remain patient and cautious keeping a close eye on the price levels we mentioned earlier.
The material has been provided by InstaForex Company – www.instaforex.com
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