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Ichimoku Indicator

07.12.202215:58 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for December 7th, 2022.

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Gold price is trading around $1,777. Short-term trend remains bullish according to the Ichimoku cloud indicator in the 4 hour chart. Price remains above the Kumo (cloud) and after a short-term pull back we see signs that the up trend is resuming. The chikou span (black line indicator) is still above the candlestick pattern (bullish). Price is breaking above the tenkan-sen (red line indicator) providing a new sign of strength. Resistance is at $1,787 where we find the kijun-sen (yellow line indicator). A break above the kijun-sen will give us a stronger bullish signal. Major short-term support is at $1,755 where we find the lower cloud boundary. As long as price is above the cloud, bulls are in control of the short-term trend.

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