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Ichimoku Indicator

02.06.202318:50 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for June 2nd, 2023.

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Black line- support trend line

Gold is currently trading around $1,953 after reaching as high as $1,982 yesterday. Price remains inside the Daily Kumo (cloud). Trend remains neutral according to the Ichimoku cloud indicator. Price continues to respect the black upward sloping support trend line. The trend line provides support at $1,947. A break below this level will open the way for a move towards the lower cloud boundary at $1,925. As long as price is inside the daily Kumo, price is vulnerable to a move lower. The Chikou span (black line indicator) remains below the candlestick pattern (bearish). Gold is not out of danger yet. Bulls need to push price above $1,991.

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