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Ichimoku Indicator

22.11.202215:29 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for November 22nd, 2022.

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Gold price is trading around $1,743. Short-term trend according to the Ichimoku cloud indicator is neutral as price is inside the 4 hour Kumo (cloud). We warned traders when price was around $1,770-80 that Gold was vulnerable to a pull back. Price remains vulnerable to a move lower. Price is now trading above the tenkan-sen (red line indicator). This is promising for bulls. There are increased chances we see a push higher towards the upper cloud boundary and the kijun-sen (yellow line indicator), both found around $1,758-60. This is important short-term resistance. Failure to break above this level or a rejection at that resistance level, will increase chances of a move towards the lower cloud boundaries at $1,710-20. The Chikou span (black line indicator) remains below the candlestick pattern confirming that Gold is vulnerable to the downside.

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