FX.co ★ Ichimoku cloud indicator analysis on Gold for May 22nd, 2023.

Gold price is trading around $1,974 after making a low last week at $1,951. Price touched the Kumo (cloud) support as expected and is now bouncing higher. A daily close inside the cloud would be a sign of weakness, Price remains below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). According to the Ichimoku cloud indicator trend remains bullish, but since price remains below the tenkan-sen and kijun-sen, EURUSD is vulnerable to more downside. A daily close inside the cloud will put EURUSD under pressure for a move lower towards $1,927 and the lower cloud boundary. The Chikou span (black line indicator) is below the candlestic k pattern (bearish).