FX.co ★ Ichimoku cloud indicator analysis on Gold for July 8th, 2022.

Gold price remains in a bearish trend. Price is near its weekly lows. Usually at the end of the trading week we see counter trend moves because of profit taking. It will not come as a surprise if Gold price starts a bounce higher from current levels. Although according to the Ichimoku cloud indicator trend remains clearly bearish, with the RSI at oversold levels, a bounce higher is justified. A break above the tenakn-sen (red line indicator) would be the first bullish signal and the one that could get price towards the kijun-sen (yellow line indicator) at $1,770. Bears need to be cautious. Specially if short-term resistance at $1,742 is broken upwards.