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Ichimoku Indicator

26.07.202118:11 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for July 26, 2021.

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Gold price is trading at $1,800. Earlier today price tried to break above Ichimoku cloud resistance at $1,810 but was rejected. Short-term trend is bearish and vulnerable to another pull back towards $1,780-90.

Gold price is trading below the 4 hour Kumo (cloud). This is a bearish sign. Price must break above $1,810 and the Kumo in order for short-term trend to change to bullish. As long as price is below the cloud, price is vulnerable. Bulls need to make a higher high in order to regain control of the trend. We continue to expect the formation of a higher low between $1,780-90 and the resumption of the up trend. Confirmation that the next leg higher has started, will come with a break above the cloud resistance.

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