09.06.202214:24 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for June 8, 2022.

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Blue line -support trend line

Gold price is trading above $1,850. In Ichimoku cloud terms, trend remains bullish as price is above the Kumo (cloud). Gold price recently moved below the 4 hour cloud but shortly after bulls stepped in and pushed price back inside, while now Gold is above it. At the same time Gold price continues to respect the upward sloping blue support trend line. In order to avoid weak trading signals like the last break down below the cloud, we will need a confirmation of the break down with a break below the blue trend line also. So any bearish signal by the Ichimoku indicator will have to be verified with a break below the support trend line. At $1,855 we find short-term resistance by the kijun-sen (yellow line indicator). Bulls need to break above this level in order to hope for a move higher.

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