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Ichimoku Indicator

20.10.202016:48 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of Gold

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Gold price remains below key resistance according to the Ichimoku cloud indicator. Price is vulnerable to a move lower as long as price is below $1,940. Gold bulls have a lot of work to do. Bulls need to be cautious if price gets rejected at current levels and pushes below $1,900 again.

Price is below both the tenkan-sen and kijun-sen and the Kumo (cloud). The Chikou span (black line indicator) is inside the cloud. All indicators favor bearish scenarios for the weeks ahead. Inability to break above $1,910 and recapture $1,910-20 levels will bring in more sellers. Support is at $1,900-$1,890. Breaking below this support area will open the way for a move towards $1,850-$1,800.

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