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Ichimoku Indicator

26.07.202214:55 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for July 26th, 2022.

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Gold price is trading around $1,715-25. Price is testing the 4 hour Kumo (cloud) resistance. As long as price is below or inside the cloud, trend is vulnerable to the downside. So far bulls are unable to break above the cloud and as we mentioned in previous posts, Gold price justifies a move higher but first price must break above the resistance at $1,725. Gold price is inside the Kumo. Trend is neutral. The tenkan-sen (red line indicator) is above price at $1,724.50. Bulls must break this level in order for short-term trend to change to bullish. Support by the kijun-sen (yellow line indicator) is at $1,709. As long as price is above this level bulls have hopes for a move higher. Breaking below $1,709 will increase chances of seeing a new low below $1,680.

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