Ichimoku cloud indicator analysis on Gold for week starting August 14th, 2023.

analysis, the weekly chart with the Ichimoku cloud indicator continue to suggest that price is vulnerable to a move lower towards the weekly Kumo (cloud) at $1,842. The tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are above current market price and provide resistance at $1,940. Bulls need a weekly close above this level in order to hope for another bullish wave higher. Until then price will remain vulnerable to a move lower. The Chikou span (blue line indicator) remains above the candlestick pattern (bullish) but with a negative slope making lower lows and lower highs. Short-term support is now at $1,877.