FX.co ★ Ichimoku cloud indicator analysis on Gold for June 29th, 2023.

Gold price is making fresh new lows below $1,900. Gold price remains in a bearish trend according to the Ichimoku cloud indicator as price remains below the cloud. Cloud resistance is found at $1,927-40. As long as price is below this level, bears are in control of the trend. The Chikou span (blue line indicator) is below the candlestick pattern (bearish). The tenkan-sen (Red line indicator) remains below the kijun-sen (yellow line indicator) and both have a negative slope. So far there is no sign of reversal. Bulls need first to recapture $1,915 in order to hope for a short-term reversal. A break above $1,940 will confirm the trend reversal. Bulls have a lot of work to do.