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Ichimoku Indicator

17.01.202315:58 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 17th, 2023.

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Gold price is trading above $1,900. Price made a high at $1,928 and is now trading around $1,911. Price is below the tenkan-sen (red line indicator) suggesting a slight vulnerability towards the kijun-sen (yellow line indicator) at $1,897. Support is key for the short-term at $1,897 as a break below this level could signal a bigger pull back towards the Kumo (cloud). Trend remains bullish as price is still above the Kumo in the 4 hour chart. The Chikou span (black line indicator) remains above the candlestick pattern confirming bullish trend. According to the Chikou span, support is at $1,885. Concluding, as long as price is above $1,885-97, bulls are in full control of the trend.

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