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

Gold price is trading around $1,968. In previous posts using the Ichimoku cloud indicator we warned bulls that price although was in a bullish trend, there were signs of vulnerability. We talked about a potential pull back towards cloud support. The break below the tenkan-sen and kijun-sen indicators provided us with this warning.The Chikou span (black line indicator) has broken below the candlestick pattern (bearish). Gold is expected to reach the Kumo (cloud) at $1,960-50 area. Resistance is at $2,001 and next at $2,018.