FX.co ★ Ichimoku cloud indicator analysis on Gold for September 12th, 2023.

Gold price is under pressure. In our previous analysis we noted the importance of the cloud resistance and in case of a rejection, that would be a new bearish signal. Trend remained bearish as price never broke inside the cloud. On the contrary price got rejected and broke below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains also below the candlestick pattern (bearish). Resistance remains key at $1,928 area. As long as we trade below this level, trend will remain bearish.