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

Gold's weekly chart is promising despite trading below the weekly Kumo. On a daily basis we have a strong bullish signal as price is breaking above the Daily Kumo (cloud). In the weekly chart we see Gold price pushing above the kijun-sen (yellow line indicator). The tenkan-sen (red line indicator) is also turning upwards and price has the momentum to reach the Kumo lower boundary at $1,877. A second consecutive strong week for bulls and there is potential for a third and price to break above $1,800. Short-term support is at $1,710 where previous resistance was. Bulls do not want to see price break back below this level.