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Ichimoku Indicator

20.09.202114:41 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold for September 20, 2021.

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Gold price is at $1,756 with a low at $1,741. Our target has been achieved. Price remains in a bearish trend as price is still below the Ichimoku cloud in the 4hour and Daily charts. Gold justifies a bounce higher but there is no sign of a reversal yet.

Gold is making lower lows and lower highs. Price has resistance by the kijun-sen at $1,774 and next at $1,795. Support is at $1,750. The RSI has given us a small bullish divergence, justifying a bounce towards $1,775. Price has retraced 61.8% of the entire rise from $1,684 low to $1,833 highs. At the 61.8% Fibonacci retracement levels we usually see trend reversals. Holding above $1,750 is key for chances bulls may have for a bounce higher.

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