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Ichimoku Indicator

05.07.202215:38 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for July 5, 2022.

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Gold price is under pressure. Price is trading around $1,790-97. Although Friday's daily candle was very promising for bulls, there was no follow up and price is about to challenge recent lows. As we mentioned in previous posts, as long as Gold price is below $1,850-30, Gold is vulnerable to more downside. Gold is still below the tenkan-sen (red line indicator). Price continues to get rejected at the tenkan-sen confirming that bears remain in control of the trend. In order for this to change, bulls will first need to recapture $1,831 (kijun-sen yellow line indicator) and next break into cloud resistance above $1,850. Until then Gold price remains vulnerable to new lows towards $1,750.

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