Ichimoku cloud indicator analysis on Gold for September 7th, 2023.
September 7, 2023 2:23 pm
As expected Gold price moved towards $1,920-25 area. Price is in a neutral trend in the 4 hour chart as price is inside the Kumo (cloud). Price has challenged the lower cloud boundary support at $1,916, but so far there was no break down. Bulls have managed to defend thus far the cloud support. Price is now challenging the tenkan-sen (red line indicator) which is now resistance at $1,921.50. The kijun-sen (yellow line indicator) provides resistance at $1,933.50. The Chikou span (black line indicator) has broken below the candlestick pattern (bearish). As long as price holds above $1,916, we could see a bounce towards $1,933. Overall traders should be cautious as Gold price remains vulnerable to the downside.
The material has been provided by InstaForex Company – www.instaforex.com
As expected Gold price moved towards $1,920-25 area. Price is in a neutral trend in the 4 hour chart as price is inside the Kumo (cloud). Price has challenged the lower cloud boundary support at $1,916, but so far there was no break down. Bulls have managed to defend thus far the cloud support. Price is now challenging the tenkan-sen (red line indicator) which is now resistance at $1,921.50. The kijun-sen (yellow line indicator) provides resistance at $1,933.50. The Chikou span (black line indicator) has broken below the candlestick pattern (bearish). As long as price holds above $1,916, we could see a bounce towards $1,933. Overall traders should be cautious as Gold price remains vulnerable to the downside.
The material has been provided by InstaForex Company – www.instaforex.com
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