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Ichimoku Indicator

26.05.202314:23 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for May 26th, 2023.

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Gold price is trading around $1,952. In Ichimoku cloud terms, trend in the 4 hour chart remains bearish as price is still below the Kumo (cloud). Price is bouncing from the $1,936. Gold price has broken above the tenkan-sen (Red line indicator) and if it also breaks above the kijun-sen (yellow line indicator), we could then see a bigger bounce towards the cloud resistance. The lower cloud boundary is key resistance at $1,976. Bulls want to see price enter the cloud again in order to change trend from bearish to neutral. Bulls do not want to see price get rejected. The kijun-sen provides key short-term resistance at $1,960. The Chikou span (black line indicator) is below the candlestick pattern (bearish). So far there is no change in our view. Gold price remains vulnerable to more downside. There is no sign of a trend reversal.

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