FX.co ★ Ichimoku cloud indicator Daily analysis of Gold for September 9, 2020

Gold price has held above $1,900 support and is bouncing strongly from the upper Kumo (cloud) boundary. Gold price is challenging $1,950 resistance and as long as $1,900 holds, bulls still have hopes.

In the Daily chart Gold price is still above the cloud. Price is bouncing off the cloud support and this is a promising sign. Bulls now need to break above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator).

In the 4 hour chart we see Gold price challenging the cloud resistance. This $1,950-65 area is resistance also in the 4 hour chart portrayed by the Kumo (cloud). Bulls need to break above the 4 hour cloud in order to gain upward momentum.