FX.co ★ Ichimoku cloud indicator analysis on Gold for May 16, 2022.

Gold price is trading just above $1,800. Trend remains bearish according to the Ichimoku cloud indicator. There is upside potential towards $1,850 if bulls manage to break above the short-term resistance at $1,825 where we find the kijun-sen (yellow line indicator).

Gold is clearly below the Kumo and below both the tenakn-sen and kijun-sen indicators. First bounce target is at $1,825 if bulls manage to push price above the tenkan-sen at $1,807.50. Until then Gold price will remain vulnerable to more downside.The Chikou span is well below the candlestick pattern, confirming bearish trend. If the resistance at $1,825 is broken, then we should expect a move towards $1,850.