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Ichimoku Indicator

14.07.202012:17 Forex Analysis & Reviews: Short-term Ichimoku cloud analysis of Gold for July 14, 2020

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Gold price has broken below key short-term Ichimoku cloud indicators. More specifically price has broken below the tenkan-sen and kijun-sen indicators providing a weak sell signal. Usually after such a break down in the 4 hour chart we usually see price move towards the Kumo support.

Gold price has now resistance at $1,805 and bulls must recapture that level in order to push to new highs. Support and short-term pull back target is at the upper cloud boundary at $1,790. A daily close below $1,790-85 area will open the way for a move towards $1,755 and could extend to $1,725-35 area where we find the daily Kumo. Longer-term trend remains bullish.

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