FX.co ★ Ichimoku cloud indicator analysis on Gold for May 12th, 2023.

Gold price is trading around $2,004. Gold price has broken below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). This is a key sign of weakness. Usually when price breaks below both indicators we see a move towards the Kumo (cloud). Over the past week we have been calling for the vulnerability of Gold and the possible decline despite the new highs at $2,080. The Chikou span (black line indicator) is below the candlestick pattern (bearish) and we continue to expect to see Gold reach and test the cloud support at $1,950.