FX.co ★ Weekly Ichimoku cloud indicator analysis on Gold for week starting September 5th.

Gold price is trading just above $1,700. The Ichimoku cloud indicator in the weekly chart suggests that bears are in control. Price is below the Kumo (cloud) and price is also below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price three weeks ago bounced towards the Kumo and got rejected. Price is again below the tenkan-sen which is another sign of vulnerability. The tenkan-sen resistance is at $1,743. Bulls must first see a close above $1,743 in order to have higher hopes. Until then, as long as price is below $1,745 Gold will be vulnerable.