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

Gold is trading around $1,933 and is still inside the Kumo (cloud). Price is trading above the tenkan-sen (red line indicator) and is very close to breaking out and above the 4 hour Kumo (cloud). This would be an important sign of strength for the near term. Price is now challenging the upper cloud boundary resistance. Support by the tenkan-sen is at $1,927 and by the lower cloud boundary at $1,914. According to the Ichimoku cloud indicator, trend is neutral. The Chikou span (black line indicator) is bullish as it remains above the candlestick pattern.