FX.co ★ Ichimoku cloud indicator Daily analysis of Gold for September 10, 2020

Gold price continues to bounce off the key cloud support at $1,900. Price has now reached $1,960 and is challenging key resistance. Gold price has moved above the tenkan-sen indicator and is challenging the kijun-sen.

Gold price remains above the Daily Kumo. This is bullish. Price has now recaptured the tenkan-sen and is challenging the kijun-sen. A bullish signal will be given once price breaks above the kijun-sen and specially if the tenkan-sen (red line indicator) crosses above the kijun-sen (yellow line indicator). Support remains at $1,900 but the cloud has now risen to $1,925. So breaking below $1,925 could lead to more downside so traders need to extra cautious as long as price does not recapture $1,990. If bulls recapture $1,990 then we can forget the scenario for a short-term pull back below $1,900.