FX.co ★ Ichimoku cloud analysis of Gold

Gold price remains in a bearish trend. All parts of the Ichimoku cloud indicator confirm that we are in a bearish trend as long as price is below $1,790. A break above $1,790 will signal the increased chances of a trend reversal.

Price is clearly below the Kumo (cloud). Price is also below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Resistance by those two indicators is at $1,758 and at $1,788. The Chikou span (black line indicator) is below the candlestick pattern. The Ichimoku cloud indicator confirms that we are in bearish trend. For this to change bulls will need to at first break above the tenkan-sen resisance and stay above it. Until then we expect Gold price to move lower as the weekly chart has broken below the weekly Kumo.The lower weekly cloud boundary is at $1,759. A back test of this level is probable and should be expected.