FX.co ★ Ichimoku cloud indicator Daily analysis of Gold

Gold price continues to trade inside the Daily Kumo (cloud). Trend is neutral according to the Ichimoku cloud indicator. Resistance is at $1,864 where we find the upper cloud boundary. After that we find resistance at $1,887.

Bulls need to overcome these two resistance levels in order to hope for a move to $2,000 and higher. On the other hand support is found at $1,840 where we find the lower cloud boundary. As long as price closes above this level, bulls still have hopes. Price made several attempts the last few days to break the cloud but all the time bulls were there to support it and push price back inside the Kumo. This is a bullish sign. This also confirms the importance of the support at $1,840. Breaking below this level will open the way for a move below $1,800. Recapturing $1,865 will open the way for a move towards $2,000.