FX.co ★ Ichimoku cloud indicator analysis on Gold for May 10th, 2023.

Gold price is trading around $2,024. According to the Ichimoku clodu indicator daily chart trend remains bullish as price is still above the Kumo (cloud). Both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) are below current price and provide support at $2,024. The Chikou span (black line indicator) remains above the candlestick pattern. A daily close below $2.024 will be a sign of weakness and Gold will be vulnerable to a move towards the Kumo (cloud) at $1,949. Technically as we mentioned in previous posts, Gold price justifies a trend reversal and pull back towards $1,950. So far the Ichimoku cloud indicator has not confirmed such a reversal as the kijun-sen continues to be respected.