FX.co ★ Ichimoku cloud indicator analysis on Gold for January 12th, 2023.

Gold price is making new higher highs today at $1,887-88. According to the Ichimoku cloud indicator in the 4 hour chart, trend remains bullish as price is still above the Kumo (cloud) at $1,840-45. So far there is no sign of a reversal or sign of weakness. We use the Ichimoku cloud indicator in the 4 hour chart to identify key short-term support levels. First we have the tenkan-sen (red indicator) providing support at $1,877. A 4hour cloud below this level will push price towards the next support at the kijun-sen (yellow line indicator) currently at $1,860. Next support is the Kumo at $1,840-45 and as long as we trade above this level, short-term trend will remain bullish. The Chikou span (black line indicator) is above the candlestick pattern. Support for the Chikou span is at $1,845 coincing with the Kumo. So a break below $1,845 will make us consider that trend is changing to bearish. Until then bulls remain in control.