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Ichimoku Indicator

06.12.202216:35 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for December 6th, 2022.

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Gold price is trading around $1,777. Daily trend remains bullish according to the Ichimoku cloud indicator as price is still above the Kumo (cloud). Price has pulled back yesterday and tested the tenkan-sen (red line indicator) support at $1,768. Price remains above the tenkan-sen. A daily close below the tenkan-sen would provide the first sign of weakness. A break below $1,768 would be a sign of weakness and price could pull back towards the kijun-sen (yellow line indicator) at $1,712. The Chikou span (black line indicator) is above the candlestick pattern (bullish). So far no sign of weakness. Bulls remain in control of the trend despite yesterday's pull back.

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