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Ichimoku Indicator

10.03.202316:11 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for March 10th, 2023.

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Gold price is trading around $1,842. In Ichimoku cloud terms trend in the Daily chart remains bearish as price is still below the Kumo (cloud). Resistance by the lower cloud boundary is at $1,843. The tenkan-sen (red line indicator) is at $1,831 providing short-term support. Price is bouncing as a back test towards the cloud. A rejection at cloud resistance would strengthen the bearish scenario. Bulls want to see daily close inside the Kumo in order to change trend to neutral from bearish. The Chikou span (black line indicator) is still below the candlestick pattern (bearish). Bulls need to defend $1,831 and break above $1,843.

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