FX.co ★ Ichimoku cloud indicator analysis on Gold for October 12th, 2022.

Gold price is in a bearish short-term trend according to the Ichimoku cloud indicator in the 4 hour chart. Price is below the Kumo (cloud). Price made two attempts so far to re-enter the Kumo. Both attempts failed. Gold bulls need to push price inside the Kumo to turn trend neutral. The tenkan-sen (Red line indicator) provides resistance at $1,672, where we also find the lower cloud boundary. The kijun-sen (yellow line indicator) is at $1,692 and is the target if price breaks above $1,672. Support is at $1,660 at the recent lows. Failure to hold above this level will lead price towards $1,640.