20.09.202315:05 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for September 20th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price is trading around $1,932. Although price is not making a new higher high, price is very close to entering the Kumo (cloud) and turning trend to neutral from bearish. The upper cloud boundary is at $1,940 and bulls need to break above this level in order to turn trend bullish. Gold price has support at $1,918 where we find both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Bulls must defend this support level. A rejection at cloud resistance will lead to a test of this support. A break below this support level will open the way for a move to new lower lows.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.