FX.co ★ Ichimoku cloud indicator analysis on Gold for November 15th, 2023.

Gold price is trading around $1,963. Price managed to push inside the Kumo (cloud) in the 4 hour chart but now is showing rejection signs. According to the Ichimoku cloud indicator in the 4 hour chart trend remains bearish. The Chikou span (black line indicator) has moved above the candlestick pattern (bullish). The tenkan-sen (red line indicator) provides support at $1,958. The kijun-sen (yellow line indicator) is key short-term support at $1,947. As long as price is trading above these two indicators, bulls have hopes of breaking above the Kumo (cloud). Failure to hold above the kijun-sen will most probably push Gold price to new lower lows.