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FX.co ★ Ichimoku cloud indicator analysis on Gold for February 20th, 2023.

Ichimoku cloud indicator analysis on Gold for February 20th, 2023.

Ichimoku cloud indicator analysis on Gold for February 20th, 2023.

Gold price is trading around $1,840-45. Short-term trend according to the Ichimoku cloud indicator is still bearish. Gold price remains below the Kumo (cloud) in the 4 hour chart. Bears remain in control of the trend. The tenkan-sen (red line indicator) provides support at $1,832. Resistance by the lower cloud boundary is at $1,861. The Chikou span (black line indicator) also favors bears. Price is below the candlestick pattern. Price is currently trading around the kijun-sen (yellow line indicator). A 4 hour close above the kijun-sen will open the way for a move close to the Kumo. Failure to stay above the kijun-sen will make Gold price vulnerable to more downside towards the tenkan-sen.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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