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Ichimoku Indicator

18.10.202115:31 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for October 18, 2021.

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Gold price got rejected at the key resistance trend line last week. Price reached very close to the $1,800 level but got rejected and price has pulled back towards $1,770-60 area. Will Gold price continue lower or start a new upward movement from current levels?

Blue line - resistance trend line

Gold price got rejected for the second time when price reached the blue trend line resistance. This increases the importance of the trend line. For trend to be controlled by bulls, they will need to push price above $1,800 and stay above the blue downward sloping trend line.

Gold price has pulled back towards the Kumo in the 4 hour chart. Price is testing the Ichimoku cloud support. This means that there are increased chances if this support area is held, for Gold price to resume its upward move. Gold could start a new upward movement towards $1,800 and higher, as long as price is trading above the cloud. The cloud support is at $1,751-59. Respecting this support area is key for the short-term trend.

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