FX.co ★ Ichimoku cloud indicator analysis on Gold for July 3rd, 2023

In our previous analysis on Gold we warned bears that price action was pointing to a bigger bounce towards the Kumo (cloud) resistance. Today price not only reached our first bounce target at the lower cloud boundary, price has now also entered the cloud with increased chances of getting a short-term reversal signal from bearish to neutral. Price is trading above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is above the candlestick pattern (bullish) after some time. With price entering the cloud, trend is turning neutral. Gold price is also starting to make higher highs and higher lows. A break above $1,940 is need for the short-term trend to change to bullish.