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Ichimoku Indicator

25.01.202314:30 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 25th, 2023.

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Gold price is trading around $1,924 while price is still above the 4 hour Kumo (cloud). Trend remains bullish in the near term. However price is showing some signs of weakness and a pull back towards cloud support at $1,910 is justified. Gold price has broken once again below the tenkan-sen (red line indicator) and is challenging the kijun-sen (yellow line indicator). Support by the kijun-sen is at $1,923 and a 4hour candlestick close below it will open the way for a test of the Kumo at $1,910-$1,897. The chances for such a pull back are high as the RSI continues making lower highs despite price making higher highs.

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