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Ichimoku Indicator

27.01.202315:40 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 27th, 2023.

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Gold price is trading around $1,924 after falling as low as $1,919 earlier today. Price broke below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) yesterday and as expected pushed even lower towards the 4 hour Kumo (cloud) support. Trend remains bullish as price continues to trade above the Kumo (cloud). Price is bouncing off the cloud support towards the short-term resistance of the kijun-sen and tenkan-sen area. Recent low at $1,919 is very important for the short-term trend. A break below it will open the way for a move towards $1,900 and will change short-term trend to neutral.

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