FX.co ★ Ichimoku cloud indicator analysis on Gold for June 5th, 2023.

Black line- support trend line

Gold price is trading once again very close to the upward sloping black support trend line. Price is inside the Kumo (cloud) suggesting that trend is neutral. Price is below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This suggests that price remains vulnerable to more downside. Key support by the cloud is found at $1,926. As long as price is above this level, trend will remain neutral. A break below the black support trend line at $1,942 would be a sign of weakness. This will increase the chances of price testing the $1,926 level. Resistance by the tenkan-sen is at $1,958. This is the first level bulls will need to recapture in order to hope for a bigger move higher.