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Ichimoku Indicator

27.10.202017:36 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of Gold

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Gold price continues to trade around the $1,900 price level. Price is still above $1,900 but below the Kumo (cloud). This makes Gold price vulnerable to a sell off and a move towards $1,800-$1,850. Our bearish view is triggered on a break below $1,892 as we explained in our last analysis.

What has changed since yesterday?Not much. The kijun-sen (yellow line indicator) has moved below price to $1,891. This coincides with our key support and trade trigger level at $1,892. Breaking below this level is a bearish signal. Resistance remains at $1,932 by the Kumo (cloud) and as long as price is below it, bears will remain in control of the short-term trend. Short-term resistance remains by the tenkan-sen (red line indicator) at $1,910, a level that bulls need to recapture. We prefer to be neutral and turn bearish on a sign of weakness or if price triggers our sell level at $1,892.

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