FX.co ★ Ichimoku cloud indicator analysis on Gold for August 21st, 2023.

Gold price remains in a bearish trend according to the Ichimoku cloud indicator. Price is still below the Kumo (cloud) but is trying to break above the kijun-sen (yellow line indicator). The kijun-sen provides key short-term resistance at $1,897. The Chikou span (black line indicator) is below the candlestick pattern (bearish). Price is currently above the tenkan-sen (red line indicator), but bulls need to recapture the area above the kijun-sen in order to hope for a bigger bounce towards the cloud resistance. The kumo provides resistance at $1,910. A bounce towards this level at the beginning of the week is very probable.