FX.co ★ Ichimoku cloud indicator analysis on Gold for November 9th, 2022.

Gold price is trading around $1,706. Gold price yesterday closed above the Daily Kumo (cloud) and today price is turning back inside the cloud. As we explained in previous posts, the price range $1,700-$1,710 is a very important resistance. Both from a technical perspective but also from the use of the Ichimoku cloud indicator because at this price we find the upper cloud boundary resistance. Price is inside the Kumo and showing rejection signs. In order for the Daily trend to change to bullish we need to see price break above the cloud and stay above it. The tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are below price and provide support at $1,675 area. At the same price we find the lower cloud boundary. It is very important for bulls to continue to stay above the tenkan-sen and kijun-sen indicators. A break below $1,675 would be a sign of weakness. Bulls have a lot of obstacles to overcome until they reclaim control of the trend.