FX.co ★ Ichimoku cloud indicator analysis on Gold for October 7th, 2022.

Gold price is trading around $1,700 after the announcement of the non farm Payrolls and the unemployment rate in the USA. Price has broken below the tenkan-sen (red line indicator) providing our first weak reversal signal. At $1,694 we find the first important short-term support by the kijun-sen (yellow line indicator). The kumo (cloud) is found at $1,655-50. Bears need to break below the cloud in order to confirm a trend change to bearish. Failure to hold above the kijun-sen will increase chances of a big test on the cloud support.