FX.co ★ Ichimoku cloud indicator Daily analysis of Gold

Gold price as expected by our last Ichimoku cloud indicator analysis has reached $1,880 target after breaking above the tenkan-sen indicator. Price is now above the kijun-sen indicator and is heading towards the Kumo.

What was once key support is now key resistance. $1,900 is where we find the 4 hour Kumo (cloud) resistance. Support is at $1,870. Bulls need to hold above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Bulls need to break above the cloud resistance A rejection at $1,900 will increase the chances of a pull back towards $1,870 and maybe lower. We prefer to stay neutral to see how price reacts at $1,900 resistance area.