FX.co ★ Ichimoku cloud indicator on Gold for July 20th, 2023.

Gold price is trading around $1,968, Price is showing rejection signs at the cloud resistance and currently price is below the Kumo once again. Two days ago Gold price closed inside the Kumo and turned short-term trend to neutral. We warned that a rejection here is possible as price was testing important resistance. The Chikou span (black line indicator) remains bullish as it is still above the candlestick pattern. The tenkan-sen (Red line indicator) provides support at $1,949 and the kijun-sen (yellow line indicator) at $1,938. Trading below the cloud makes price vulnerable to a pull back towards the tenkan-sen and kijun-sen. Resistance remains at $1,975 where we find the lower cloud boundary. Trend change to bullish happens only if price breaks above $2,002