FX.co ★ Ichimoku cloud indicator analysis on Gold for May 25th, 2023.

Gold price is trading around $1,959. According to the Ichimoku cloud indicator, daily trend has changed to neutral from bullish. Price is trading inside the Kumo and below both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). The upper cloud boundary provides resistance at $1,986,50. This is where we also find the tenkan-sen. This is the first obstacle bulls have to overcome in order to regain control of the trend. The Chikou span (black line indicator) is below the candlestick pattern (bearish). Next support is found at $1,926 at the lower cloud boundary. Trading below the tenkan-sen makes price vulnerable to a move towards $1,926.