10.10.202315:11 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for October 10th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price is trading around $1,853 inside the 4 hour Kumo (cloud). Short-term trend is neutral as price has entered the cloud. Price is now challenging the tenkan-sen (red line indicator). Near term trend is unclear. Bulls need to push price above $1,870 in order to change short-term trend to bullish. The kijun-sen (yellow line indicator) provides support at $1,837 very close to the lower cloud boundary. Bulls do not want to see price break below the cloud and below the kijun-sen. This would be a bearish signal. The Chikou span (black line indicator) is above the candlestick pattern (bullish). All in all the current market view we have in Gold is unclear of whether a major low is in or this is just a counter trend bounce. Price remains vulnerable to the downside specially if bulls fail to defend $1,837. On the other hand a break above $1,870 will be a sign of short-term strength. If bulls push price above $1,870 we could then see a test of the $1,900 level.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.