FX.co ★ Ichimoku cloud indicator analysis of Gold

Gold price is once again above the critical pivot level of $1,850. Price is above the Ichimoku cloud in the 4 hour chart and we now have some promising bullish signals that could affect positively the Daily chart as well.

Gold price is moving above the 4 hour Kumo (cloud). This is a bullish sign. Support by the cloud is at $1,855-40. Bulls do not want to see price break below the cloud. The tenkan-sen (red line indicator) is below price and has crossed above the kijun-sen (yellow line indicator). This is another bullish sign in the 4 hour chart. Price needs to stay above the two indicators. Support by those two indicators is at $1,857 and $1,853. The Chikou span (black line indicator) is above the candlestick pattern but inside the red cloud. This is not 100% bullish but we are optimistic as price is above the candlestick bodies. All signs in the 4 hour chart point to more upside for Gold. As long as price holds $1,850-40 support we remain bullish.