FX.co ★ Ichimoku cloud indicator analysis on Gold for March 10, 2022.

Gold price is trading around $1,995 having made a low earlier today at $1,970. As we mentioned in our previous analysis, Gold price had the potential to pull back even towards the $1,950 area where we find the 38% Fibonacci retracement support.

In Ichimoku cloud terms, trend remains bullish as price continues trading above the 4hour Kumo (cloud). Price is vulnerable to more downside because it has broken below the kijun-sen (yellow line indicator). The kijun-sen together with the tenkan-sen (red line indicator) are now short-term resistances. These resistances are at $1,997-$2,004. Gold price could pull back towards cloud support at $1,950-60 area and still remain in bullish trend.