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Ichimoku Indicator

10.04.202014:19 Forex Analysis & Reviews: Weekly Ichimoku cloud analysis of Gold

Long-term review

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Gold price remains in a weekly bullish trend according to the Ichimoku cloud. Gold price tested the weekly Kumo (cloud) and bounced strongly off of it providing us with a move that has reached 2020 highs. There are a lot of chances of breaking to new highs but bulls need to be cautious.

Gold price is above both the tenkan-sen and kijun-sen indicators. The Chikou span (green line indicator) is also above the candlestick formation. Trend remains bullish. Support is key at $1,577. A weekly close below that level will open the way for another Kumo (cloud) test. If this happens so soon relative to the last break down, I would expect Gold price to also break inside and below the Kumo. So this time we do not want a weekly break below the kijun-sen and tenkan-sen. As we have explained in previous analysis, Gold price is vulnerable to a pull back, so although trend is bullish, bulls need to be very cautious.

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