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17.03.202317:56 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for March 17th, 2023.

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Exchange Rates 17.03.2023 analysis

Gold price is making fresh 2023 highs as price is breaking above the February highs. Short-term trend remains bullish. The Ichimoku cloud indicator remains in bullish trend since the bullish signal it gave us back at $1,913 when the Daily close was above the Daily cloud. In the near term we had some warnings by the RSI but so far price has not confirmed any reversal. Price remains above the Kumo (cloud) and the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). The Chikou span (black line indicator) has also crossed above the candlestick pattern (bullish). Both the tenkan-sen and kijun-sen are positively sloped and provide support at $1,886. Cloud support is at $1,900.

Alexandros Yfantis
Analytical expert of InstaForex
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