FX.co ★ Ichimoku cloud indicator on Gold for September 6th, 2023.

Gold price is under pressure. Price is now trading around $1,920. According to the Ichimoku cloud indicator in the Daily chart, trend remains bearish as price continues to trade below the Daily Kumo (cloud). In our previous posts we noted the importance of the cloud resistance around $1,952 and we also noted on time the rejection and reversal signs. In the 4 hour chart short-term trend has already changed to neutral from bullish. In the daily chart price is crossing below the tenkan-sen (red line indicator) and is challenging support at $1,919 by the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Key resistance remains at $1,940-50 area. Our primary scenario suggests that this bounce was only a pause to a bigger decline expected in Gold prices.