FX.co ★ Ichimoku cloud indicator analysis on Gold for May 24th, 2023.

Gold is trading around $1,980 with a short-term bullish momentum as price is trading above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). In Ichimoku cloud terms in the 4 hour chart, trend remains bearish as price is still below the Kumo (cloud). The Chikou span (black line indicator) is trading below the candlestick pattern (bearish). Price is bouncing higher and bulls want to challenge the short-term cloud resistance. In order for short-term trend to change bullish, price will need to break above $2,001. Support by the tenkan-sen and kijun-sen is found at $1,968-70. If price breaks below this price level, we should expect another wave lower towards $1,950-25.