FX.co ★ Ichimoku cloud indicator analysis on Gold for October 11th, 2022.

Gold price is trading around $1,666. As expected price has reached the Kumo (cloud) support. Bears seem strong and have managed to push price below the 4 hour Kumo support. We use the Ichimoku cloud indicator to identify key support and resistance levels. Resistance by the lower cloud boundary is at $1,672. We expect a back test of this resistance level. If bulls manage to enter the Kumo, then we should expect price to challenge next resistance at the kijun-sen (yellow line indicator) and why not the upper channel boundary. So if bulls recapture $1,672, we should then expect a bounce towards $1,693-$1,700. Bulls have a lot of work to turn this around. A bounce from current levels and rejection would be a bearish sign.