FX.co ★ Ichimoku cloud indicator analysis on Gold for February 8th, 2023.

Gold price broke above the triangle pattern we mentioned yesterday and bounced towards $1,885. In the 4 hour chart price remains in a bearish trend as it is still below the Kumo (cloud). Price is trading above the tenkan-sen (red line indicator) giving hopes to bulls for a bigger bounce towards the kijun-sen (yellow line indicator) at $1,909. The tenkan-sen provides support at $1,875. The Chikou span (black line indicator) remains in a bearish position as it still below the candlestick pattern. Gold price remains vulnerable to a move lower towards $1,830-40.