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FX.co ★ Ichimoku cloud indicator analysis on Gold for October 10th, 2022.

Ichimoku cloud indicator analysis on Gold for October 10th, 2022.

Ichimoku cloud indicator analysis on Gold for October 10th, 2022.

In our previous Ichimoku cloud analysis on Gold we warned traders that price was vulnerable to a move lower specially if price were to break below the kijun-sen (yellow line indicator). Last week ended with Gold below the kijun-sen providing a new bearish signal. This week starts with Gold under pressure following that bearish signal. Since breaking below the kijun-sen our target is the Kumo (cloud). The tenkan-sen (red line indicator) has crossed below the kijun-sen and both are now resistance at $1,694 and $1,701 respectively. The most important bearish signal will come with a price break below the cloud. Gold is now approaching very important support. A bounce off the cloud support is justified. Failure to do so will be a sign of weakness.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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