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Ichimoku Indicator

26.03.202312:41 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for week ending March 24th 2023.

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Gold price ended the week lower than the previous week and about the same level where it opened. Price made a new higher high but bulls were not strong enough to hold above $1,990. Short-term trend remains bullish. Gold price continues trading above the Daily Kumo (cloud). Gold price has support by the tenkan-sen (Red line indicator) at $1,947. Price could pull back towards the tenkan-sen. A deeper pull back should be expected if we break below the tenkan-sen and the kijun-sen (yellow line indicator) at $1,906.

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