Ichimoku cloud indicator analysis on Gold for October 10th, 2023.
October 10, 2023 2:23 pm
Gold price is trading around $1,853 inside the 4 hour Kumo (cloud). Short-term trend is neutral as price has entered the cloud. Price is now challenging the tenkan-sen (red line indicator). Near term trend is unclear. Bulls need to push price above $1,870 in order to change short-term trend to bullish. The kijun-sen (yellow line indicator) provides support at $1,837 very close to the lower cloud boundary. Bulls do not want to see price break below the cloud and below the kijun-sen. This would be a bearish signal. The Chikou span (black line indicator) is above the candlestick pattern (bullish). All in all the current market view we have in Gold is unclear of whether a major low is in or this is just a counter trend bounce. Price remains vulnerable to the downside specially if bulls fail to defend $1,837. On the other hand a break above $1,870 will be a sign of short-term strength. If bulls push price above $1,870 we could then see a test of the $1,900 level.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,853 inside the 4 hour Kumo (cloud). Short-term trend is neutral as price has entered the cloud. Price is now challenging the tenkan-sen (red line indicator). Near term trend is unclear. Bulls need to push price above $1,870 in order to change short-term trend to bullish. The kijun-sen (yellow line indicator) provides support at $1,837 very close to the lower cloud boundary. Bulls do not want to see price break below the cloud and below the kijun-sen. This would be a bearish signal. The Chikou span (black line indicator) is above the candlestick pattern (bullish). All in all the current market view we have in Gold is unclear of whether a major low is in or this is just a counter trend bounce. Price remains vulnerable to the downside specially if bulls fail to defend $1,837. On the other hand a break above $1,870 will be a sign of short-term strength. If bulls push price above $1,870 we could then see a test of the $1,900 level.
The material has been provided by InstaForex Company – www.instaforex.com
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