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Ichimoku Indicator

09.05.202217:53 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for May 9, 2022.

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Gold price remains in a bearish trend as price is still below the 4 hour Kumo (cloud). Despite the recent bounce towards $1,910 bulls were unable to hold price above $1.900. Gold price got rejected at cloud resistance and is now challenging recent lows.

As long as Gold price is below the Kumo, bears will remain in control of the trend. Failure to hold above $1,850-60 will lead Gold price towards the major support trend line at $1,825-$1,810 that we mentioned in previous posts with a weekly chart. Bulls need to reclaim $1,900-$1,910 in order to have hopes for a bigger upward reversal.

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