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Ichimoku Indicator

31.07.202022:24 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of Gold

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Gold price made a slight new higher high today. Trend remains bullish but the chances for a deeper pull back increase. Today we are going to use the Ichimoku cloud indicator in order to identify support levels that if broken could provide signal for a bigger pull back.

The tenkan-sen (red line indicator) is the first key short-term support at $1,960. A 4 hour close below it will push price towards the kijun-sen (yellow line indicator) at $1,944. If we break this level too then we expect price to push towards the Kumo (cloud) support at $1,920. So short-term traders need keep a close eye on these support levels. Breaking one will increase chances of reaching the next.

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