Ichimoku cloud indicator analysis on Gold for May 31st, 2023.
May 31, 2023 1:23 pm
Gold price is trading around $1,960. In Ichimoku cloud terms trend remains bearish since May 11th and the close at $2,026. Price remains in a bearish trend making lower lows and lower highs below the Kumo (cloud). Currently price is trading above the kijun-sen (yellow line indicator) that provides support at $1,948. At the same level we find the tenkan-sen (red line indicator). Price is now challenging the Kumo (cloud) resistance at $1,960. The Chikou span (black line indicator) is also challenging the candlestick pattern. If the Chikou span pushes above the candlestick pattern, we will get our first sign of strength. For the time being bears remain in control of the trend, so far we haven’t got any confirmed reversal signal.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,960. In Ichimoku cloud terms trend remains bearish since May 11th and the close at $2,026. Price remains in a bearish trend making lower lows and lower highs below the Kumo (cloud). Currently price is trading above the kijun-sen (yellow line indicator) that provides support at $1,948. At the same level we find the tenkan-sen (red line indicator). Price is now challenging the Kumo (cloud) resistance at $1,960. The Chikou span (black line indicator) is also challenging the candlestick pattern. If the Chikou span pushes above the candlestick pattern, we will get our first sign of strength. For the time being bears remain in control of the trend, so far we haven’t got any confirmed reversal signal.
The material has been provided by InstaForex Company – www.instaforex.com
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