This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
Gold price is trading just above $1,800. Price is bouncing off the major November low at $1,760 that was tested in previous days. A double bottom formation could push price back to $1,900. Today we use the Ichimoku cloud indicator to see the key levels that must be broken in order for Gold to break above the key pivot point of $1,850 and move towards $1,900.
Despite the strong bounce of $1,760, Gold price in the 4 hour chart remains below the Kumo (cloud). This is a bearish sign. Price touched the Kumo (cloud) and got rejected. Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is at $1,803 and $1,787. Holding above these two levels is crucial for the short-term trend.
![Exchange Rates 23.02.2021 analysis]()
On a daily basis Gold price remains well below the Kumo (cloud) and is now challenging the tenkan-sen and kijun-sen resistance levels. The tenkan-sen is still below the kijun-sen and both with negative slope. If price moves above the tenkan-sen and kijun-sen this would be a first step in order for bulls to regain control of the short-term trend. If the tenkan-sen crosses above the kijun-sen then we will have a weak buy signal. Of course the most important bullish signal will come with price breaking above the cloud resistance at $1,860. Until then the battle continues with bears having the control of the trend.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Stay 
