FX.co ★ Ichimoku cloud indicator analysis on Gold for April 18th, 2023.

Gold price is trading around $2,007. Gold's price recently tested the cloud support. So far we have not seen a candlestick close below the Kumo (cloud). This is promising for bulls. Price is now bouncing off the cloud support and has already broken above the tenkan-sen (red line indicator). Next resistance is the kijun-sen (yellow line indicator) at $2,014.50. The Chikou span (black line indicator) is below the candlestick pattern (bearish). Bulls need to see the Chikou span break above the $2,008-$2,018 resistance area. If bulls manage to close today above $2,008 we will have a trend change according to the Ichimoku cloud indicator. Trend will change to bullish. At $1.990 we find the lower cloud boundary. Bulls do not want to see price break below this level as it will change trend to bearish.