FX.co ★ Ichimoku cloud indicator analysis on Gold for November 1st, 2022.

Gold price is bouncing higher above yesterday's highs. In Ichimoku cloud terms trend remains bearish as price is below the Kumo (cloud). Price is now breaking above the tenkan-sen (red line indicator). The kijun-sen (yellow line indicator) is at $1,671 where we also find the lower cloud boundary. Current price action justifies a move towards the resistance of $1,670. So far there is no sign of a reversal according to the Ichimoku cloud indicator. The only indication we have is of a possible bigger bounce towards cloud resistance.