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Ichimoku Indicator

27.11.202315:57 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for November 27th, 2023.

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Gold price is trading above $2,010 and is making new higher highs relative to the October high. In Ichimoku cloud terms trend remains bullish. Gold price is well above the Kumo (cloud). The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) are both below current price. The Chikou span (black line indicator) is above the candlestick pattern (bullish). The kijun-sen provides support at $1,968, while the tenkan-sen provides support at $1,986. Current market conditions confirm that bulls are in control of the trend with no sign of weakness. The only warning sign is the bearish RSI divergence in the Daily chart. However this is not a reversal signal but only a warning.

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