FX.co ★ Ichimoku cloud indicator analysis on Gold for August 24th, 2023.

Gold price is trading around $1,915-20 bouncing off the recent lows of $1,884. In Ichimoku cloud terms, trend remains bearish as price is still below the Daily Kumo (cloud). As we explained in a previous analysis, Gold price breaking above the tenkan-sen (red line indicator) provides a bullish signal suggesting that price should continue higher towards the kijun-sen (yellow line indicator). The kijun-sen provides resistance at $1,935. As long as Gold price remains above the tenkan-sen ($1,903), price is expected to continue higher. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). For now this upward move is considered a counter trend correction of hte down trend. Bulls need to break above $1,935 in order to start hoping for a bigger move higher.