FX.co ★ Ichimoku cloud indicator analysis on Gold for June 16th, 2023.

Gold price is trading inside the Daily Kumo (cloud). According to the Ichimoku cloud indicator trend is neutral. Yesterday price was trading most of the day below the cloud as Gold price was under pressure and was trading around $1,925 area. Bulls stepped in and pushed price above the tenkan-sen (Red line indicator). The kijun-sen (yellow line indicator) provides resistance at $1,973. A daily close above the kijun-sen will open the way for a move towards the upper cloud boundary currently at $2,026. The Chikou span (black line indicator) is trading below the candlestick pattern (bearish) but so far respects cloud support. Yesterday's daily candle suggests increased chances of a trend reversal. If yesterday's bullish reversal candlestick is combined with a break above the kijun-sen, then most probably the reversal has started. Until then price remains vulnerable to more downside.