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Ichimoku cloud analysis of Gold

Gold's weekly chart with the Ichimoku cloud indicator applied shows us a worrying view for the medium-term trend. On a weekly basis trend is neutral as price has entered the weekly Kumo (cloud) and is very close to testing the lower cloud boundary. Breaking below the weekly cloud would be a very bearish signal.

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Ichimoku cloud analysis of Gold

Gold price is below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has already crossed below the kijun-sen and this was the first weak bearish signal. Entering the cloud is another sign of weakness. The lower cloud boundary is at $1,759 and holding above it is crucial for bulls. The Chikou span (black line indicator) is below the candlestick pattern and this is another weakness sign. Gold bulls are on the defensive and have lots of work to do to turn things around. Gold is making lower lows and lower highs and next we could see a move towards $1,750-30. Bulls need to be cautious.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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