FX.co ★ Ichimoku cloud indicator analysis on Gold for August 30th, 2023.

Gold price continues to move higher as price approaches the $1,952 level where the Daily Kumo (cloud) is found. Price is making higher highs and higher lows in the near term supporting a bounce higher. In previous posts we noted that as long as price respected the $1,910-15 area, short-term trend will remain bullish and Gold price could push even higher. In the Daily chart price has broken above the kijun-sen (yellow line indicator) as well. The cloud at $1,952 is the next key resistance. The kijun-sen provides support now at $1,932. Bulls do not want to see price getting rejected at cloud resistance and close below the kijun-sen.