Ichimoku cloud indicator analysis on Gold for October 26th, 2023.
October 26, 2023 1:34 pm
Gold price is trading around $1,986. Short-term trend remains bullish as price is supported and remains above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price is well above the Kumo (cloud) which is our main criteria. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). The tenkan-sen and kijun-sen provide support at $1,974-77 area. A break below this level will be the first sign of weakness prompting to the start of a pull back. The minimum pull back we should expect is to see price test the cloud support. Currently cloud support is at $1,955. So far there is no sign of a reversal. Bulls remain in full control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,986. Short-term trend remains bullish as price is supported and remains above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price is well above the Kumo (cloud) which is our main criteria. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). The tenkan-sen and kijun-sen provide support at $1,974-77 area. A break below this level will be the first sign of weakness prompting to the start of a pull back. The minimum pull back we should expect is to see price test the cloud support. Currently cloud support is at $1,955. So far there is no sign of a reversal. Bulls remain in full control of the trend.
The material has been provided by InstaForex Company – www.instaforex.com
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