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Ichimoku Indicator

18.01.202316:22 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 18th, 2023.

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Gold price tested the kijun-sen (yellow line indicator) support earlier and is now bouncing strongly. Price is at $1,922 still in bullish trend as price remains above the Kumo (cloud). Support by the tenkan-sen (red line indicator) is at $1,910 and by the kijun-sen at $1,901. In our previous analysis we noted that key support was at $1,897 and $1,885. Today's pull back did not break this support level. Short-term trend remains in full control by the bulls. No sign of reversal yet. Today's low is now a very important support level that bulls need to defend. A break below today's low at $1,896 would be a sign of weakness and would lead price at least towards the Kumo at $1,875.

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