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26.10.202018:35 Forex Analysis & Reviews: Trade setup for Gold using Ichimoku cloud indicator

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Gold price fell below support at $1,900 today and reached $1,892. However bulls stepped in and price is again above $1,900. Gold price is challenging the tenkan-sen at $1,906 and we keep a close eye on today's lows.

Exchange Rates 26.10.2020 analysis

Blue line - short trade triggered

Price is still below the Ichimoku cloud resistance. If price breaks below $1,892 (4 hour candlestick close) then we get a sell signal and a target of $1,850 with stops at $1,913. Gold price is vulnerable to a move lower as long as price is below Kumo (cloud). Our trade is triggered if price breaks the blue support horizontal line and today's low.

Alexandros Yfantis
Analytical expert of InstaForex
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