FX.co ★ Ichimoku cloud indicator analysis on Gold for September 8th, 2023.

Gold price is under pressure. Gold is now trading around $1,921 after making a high earlier today around $1,928. Gold price is now outside and below the cloud (Kumo). Earlier today price bounced higher towards the kijun-sen (yellow line indicator) resistance and got rejected. This rejection has lead to price breaking below the Kumo. If the 4 hour candlestick closes below the cloud, then we will get a change in trend to bearish. Price is currently also below the tenkan-sen (red line indicator). The Chikou span (black line indicator) is also below the candlestick pattern (bearish). All signs are negative confirming that Gold price remains vulnerable to the downside. Technically support is found at $1,914-15 where the recent low was made. A break below it will be an added sign of weakness.