FX.co ★ Ichimoku cloud indicator analysis on Gold for May 11th, 2023.

Gold price is trading above the Ichimoku cloud. In Ichimoku cloud terms trend is bullish. However with price breaking below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), we get some warnings of a potential move lower. The Chikou span (black line indicator) is close to breaking below the candlestick pattern. This would be bearish. A daily close below $2,024 would be a sign of weakness and will make us expect price to move lower towards recent lows of $1,973. A test of cloud support is justified at current levels and highly likely. If the tenkan-sen crosses below the kijun-sen, then we will get another bearish signal.