For Traders

Analytical Reviews

Ichimoku Indicator

08.08.202218:58 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for August 8th, 2022.

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 is in a bullish short-term trend according to the Ichimoku cloud indicator. Price recently tested the kijun-sen (yellow line indicator) support. Price respected the support at $1,774 and continues higher. Price is above both the tenkan-sen (red line indicator) and the kijun-sen. Support remains key at $1,774-78. A break below this short-term support area would lead price towards the Kumo (cloud) at $1,760. Our technical analysis showed that the upside potential is limited for Gold. The Ichimoku cloud indicator will confirm a reversal once price breaks below $1,774.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.