Ichimoku cloud indicator analysis on Gold for May 11th, 2023.
May 11, 2023 5:23 pm
Gold price is trading above the Ichimoku cloud. In Ichimoku cloud terms trend is bullish. However with price breaking below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), we get some warnings of a potential move lower. The Chikou span (black line indicator) is close to breaking below the candlestick pattern. This would be bearish. A daily close below $2,024 would be a sign of weakness and will make us expect price to move lower towards recent lows of $1,973. A test of cloud support is justified at current levels and highly likely. If the tenkan-sen crosses below the kijun-sen, then we will get another bearish signal.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading above the Ichimoku cloud. In Ichimoku cloud terms trend is bullish. However with price breaking below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), we get some warnings of a potential move lower. The Chikou span (black line indicator) is close to breaking below the candlestick pattern. This would be bearish. A daily close below $2,024 would be a sign of weakness and will make us expect price to move lower towards recent lows of $1,973. A test of cloud support is justified at current levels and highly likely. If the tenkan-sen crosses below the kijun-sen, then we will get another bearish signal.
The material has been provided by InstaForex Company – www.instaforex.com
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