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21.01.202118:18 Forex Analysis & Reviews: Ichimoku cloud indicator Daily analysis of Gold

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Gold price managed yesterday to break above the Daily Ichimoku cloud. Today we have a back test. Our short-term bullish target has been achieved. However in order for the bullish trend to continue, bulls will need to keep price above the Kumo and not break below $1,850.

Exchange Rates 21.01.2021 analysis

Gold price is trading right on top of the upper cloud boundary. This is now support. Entering the cloud will turn trend neutral. Support is next at $1,850-41. Breaking below this level will increase the chances of making new short-term lows below $1,809. Next key resistance is at $1,884. We keep a close eye on the Gold price over the next few sessions to see how it reacts around the Kumo (cloud).
Alexandros Yfantis
Analytical expert of InstaForex
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