FX.co ★ Ichimoku indicator analysis of Gold

Gold price made a low at $1,760 today and is now trading at $1,780. Gold price is in bearish short-term trend according to the Ichimoku cloud indicator as price is below the 4 hour and Daily Kumo (cloud).

Gold price in the 4 hour chart shows some signs of a potential bounce. Price has moved above the tenkan-sen (red line indicator) but is below the kijun-sen resistance (yellow line indicator) at $1,793. Important short-term trend resistance by the cloud is found at $1,818. The Chikou span (black line indicator) is below the candlestick pattern confirming the bearish trend we are in. If the kijun-sen resistance is broken then short-term traders should expect a bigger bounce towards $1,800-$1,815.