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

Gold price is making new lower lows in the short-term. Price has entered the Kumo (cloud) turning trend from bullish to neutral. So far price respects the lower cloud boundary. Price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance by the tenkan-sen is at $1,781 and by the kijun-sen at $1,789. The Chikou span (blue line indicator) is below the candlestick pattern. This is not good for bulls. As we mentioned in previous posts, Gold price justifies a pull back towards $1,750 at least and we have warned traders on time. Price remains vulnerable to such a pull back as the Ichimoku cloud indicator also suggests.