08.11.202316:56 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for November 8th, 2023.

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Gold price is trading around $1,962. In Ichimoku cloud terms in the daily chart, trend remains bullish as price is still above the Daily Kumo (cloud). However two days ago we got a daily close below the tenkan-sen (red line indicator) which was a sign of weakness. In our technical analysis we also talked about how much vulnerable price was to a pull back. According to the Ichimoku cloud indicator, the kijun-sen (yellow line indicator) is our next important support level at $1,909. The Chikou span (black line indicator) is still above the candlestick pattern (bullish). Bulls remain in control of the trend. However there are some weakness signs suggesting a pull back towards $1,910 is possible. The tenkan-sen is now resistance at $1,982. As long as we trade below this level, Gold price will remain vulnerable to a move lower.

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