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Ichimoku Indicator

16.10.201921:16 Forex Analysis & Reviews: Gold struggles to recapture $1,490-$1,500.

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Gold price briefly moved below $1,480 but is now trading near $1,490 trying to recapture the key pivot point of $1,500. Short-term trend remains bearish and as long as price is below $1,525 we remain bearish expecting a pull back towards $1,460-$1,420.

Gold daily trend is neutral as price is inside the Kumo (cloud). Short-term trend is bearish as we have been given a weak bearish signal once the tenkan-sen (red line indicator) crossed the kijun-sen (green line indicator). Support is at the lower cloud boundary at $1,469 while short-term resistance is at the kijun- and tenkan-sen around $1,497. Daily trend changes to bullish on a break above $1.520.

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