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Ichimoku Indicator

16.01.202023:48 Forex Analysis & Reviews: Gold is stuck below major inflection point

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Gold price remains in a short-term bearish trend. Price has recently bounced from $1,535 towards $1,550-55 but price remains below key resistance. Gold price needs to overcome $1,564 in order for bulls to regain control of the trend.

Green line - bearish divergence

Red rectangle - resistance area

Gold price is challenging important resistance area. Both oscillators are negatively sloped. As long as price is below $1,563 trend will remain bearish.

In Ichimoku cloud terms trend remains bullish. Price remains above the kijun-sen (green line indicator). Support is at the $1,535 low and a break below this level could start a new move lower towards $1,510.

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