FX.co ★ Ichimoku cloud indicator analysis of Gold for June 16, 2021

Gold price continues to trade for a second day around $1,850-60 area. Price is below the tenkan-sen and kijun-sen indicators, but still above the Daily Kumo (cloud). Price usually tests cloud support when it breaks below the two indicators.

Gold price is trading below the tenkan-sen (red line indicator) and below the kijun-sen (yellow line indicator). These two indicators are important short-term resistance levels now. The kijun-sen is at $1,862 and the tenkan-sen at $1,873. As long as price is below these two levels, it will remain vulnerable to a move towards $1,825-$1,790 where we find the cloud support.