Ichimoku cloud indicator analysis on Gold for October 16th, 2023.
October 16, 2023 12:23 pm
Gold price is trading around $1,915 after making a high around $1,932. Gold’s strong rise at the end of last week brought price at the major Kumo (cloud) resistance in the Daily chart. According to the Ichimoku cloud indicator trend remains bearish as price is still below the cloud. Although trend is bearish, price is trading above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) has just crossed above the candlestick pattern (bullish). Support is found at $1,878-71 area. Bulls do not want to see price fall below this area. Bulls want to see price continue forming higher highs and higher lows and eventually break above the cloud. Price is supported. The chances for a continuation of this upward move have increased.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,915 after making a high around $1,932. Gold’s strong rise at the end of last week brought price at the major Kumo (cloud) resistance in the Daily chart. According to the Ichimoku cloud indicator trend remains bearish as price is still below the cloud. Although trend is bearish, price is trading above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) has just crossed above the candlestick pattern (bullish). Support is found at $1,878-71 area. Bulls do not want to see price fall below this area. Bulls want to see price continue forming higher highs and higher lows and eventually break above the cloud. Price is supported. The chances for a continuation of this upward move have increased.
The material has been provided by InstaForex Company – www.instaforex.com
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