Ichimoku cloud indicator analysis on Gold for May 2, 2022.

Gold price is trading below the Daily Kumo (cloud). Gold price on Friday bounced higher towards the cloud resistance at $1,924 but it only managed to trade as high as $1,919. This was most probably a relief bounce as price got rejected and closed on Friday near it's daily lows and below $1,900. This week starts on a negative note.

Resistance by the tenkan-sen (red line indicator) is found at $1,914. The lower cloud boundary remains at $1,924. Will the FOMC trigger a reversal and upward move? One thing is for sure. As long as price is below $1,925, bears are in control of the trend. Bulls will need to push price above the cloud in order regain control of the trend. Gold price is now challenging the April low and the top of November 2021. This horizontal level used to be resistance and is now support. Failure to hold above $1,871 could lead Gold price lower towards $1,830 where we find the long-term upward sloping support trend line that we talked about in previous posts.