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

Gold price is trading around $2,020. In Ichimoku cloud terms trend remains bullish with price still above the Kumo (cloud). Price is between the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The kijun-sen provides support at $2,014. A daily close below this level would be a new sign of weakness and will most probably push price lower towards the Kumo support at $1,940. So far bulls manage to hold price above the kijun-sen. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). According to the Chikou span, support is found at $1,983. A pull back towards that level is highly probable specially after Friday's reversal.