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FX.co ★ Ichimoku cloud indicator Daily analysis of Gold

Ichimoku cloud indicator Daily analysis of Gold

Gold price has potential to reach the $1,900 level if price continues to hold above $1,866. Gold price is bouncing after the strong sell off on Monday that brought price from $1,960 to $1,850. Gold bulls need to recapture $1,900 and stay above it, on the other hand a rejection at $1,900 would be a bearish sign.

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Gold price is below the 4 hour Kumo. Price is above the tenkan-sen and below the kijun-sen. Volatility was high the recent weeks due to US elections and that is why price moved so many times above or below the Kumo. Medium-term trend remains unclear as price continues to trade between $1,950-$1,850 and with $1,900 as magnet. So we are looking for more clues in order to understand what Gold has in store for the next few weeks. A rejection at the cloud resistance would be a bearish sign and a good signal to start opening short positions. If price on the other hand continues making higher highs and higher lows, bulls could step in once the Kumo is broken upwards. Until then traders need to be patient.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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