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12.10.202122:22 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for October 12, 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 trading around $1,760. Another trading session where price continues to trade below the $1,770 resistance and above $1,745 support. In Ichimoku cloud terms Gold price is in bullish chart according to the 4 hour candlesticks.

Exchange Rates 12.10.2021 analysis

Gold price is above the Kumo. The kijun-sen is above the tenkan-sen. This needs to change for Gold price to continue higher. The kijun-sen needs to be below the tenkan-sen. A crossing of the tenkan-sen above the kijun-sen would be an important bullish signal. Until then bulls need to defend the Kumo (cloud) support.

Alexandros Yfantis
Analytical expert of InstaForex
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