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Ichimoku Indicator

07.06.202314:26 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for June 7th, 2023.

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Black line- support trend line

According to the Ichimoku cloud indicator, Daily trend is Gold is neutral as price remains inside the Kumo (cloud). Price is trading now above the tenkan-sen (Red line indicator), but below the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is below the candlestick pattern (bearish). At the same time price remains above the black upward sloping support trend line. Resistance is found at $1,995 where we find the upper cloud boundary. Support by the cloud is at $1,926. For now there is no clear trend. Traders need to remain patient and cautious keeping a close eye on the price levels we mentioned earlier.

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