FX.co ★ Ichimoku cloud indicator analysis on Gold for September 20th, 2023.

Gold price is trading around $1,932. Although price is not making a new higher high, price is very close to entering the Kumo (cloud) and turning trend to neutral from bearish. The upper cloud boundary is at $1,940 and bulls need to break above this level in order to turn trend bullish. Gold price has support at $1,918 where we find both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Bulls must defend this support level. A rejection at cloud resistance will lead to a test of this support. A break below this support level will open the way for a move to new lower lows.