Ichimoku cloud indicator analysis on Gold for September 19th, 2023.
September 19, 2023 3:24 pm
Gold price is trading around $1,931 after making a high today around $1,936. Bulls are now testing the cloud resistance in the Daily chart. A rejection at current levels if combined with a decline below $1,918, will be a bearish sign. At $1,918 we find support by the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicartor) is above the candlestick pattern (bullish). Bulls need to continue pushing price higher above the cloud in order to change trend to bullish. Until then Gold price will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is trading around $1,931 after making a high today around $1,936. Bulls are now testing the cloud resistance in the Daily chart. A rejection at current levels if combined with a decline below $1,918, will be a bearish sign. At $1,918 we find support by the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicartor) is above the candlestick pattern (bullish). Bulls need to continue pushing price higher above the cloud in order to change trend to bullish. Until then Gold price will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
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