For Traders

Analytical Reviews

Ichimoku Indicator

20.07.202117:52 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold for July 20, 2021

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 challenging the 4 hour Ichimoku cloud once again. Price is at an important support level and any hopes for further upside will be cancelled if price breaks below the cloud. The last time price tested the cloud, support was respected and a bounce followed.

Gold price has broken once again below the tenkan-sen and the kijun-sen. Price is at the upper cloud boundary and failure to hold above $1,805 today would be a sign of weakness. Gold price has resistance at the recent high of $1,824. Bulls need to recapture this level if we are going to see a push higher towards $1,855-60. $1,800 is the lower cloud boundary. Breaking below it would be a bearish sign. The next couple of trading sessions are very critical for the short-term trend.

Back to the list

Open trading account

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.