In our last analysis on Gold, we noted that although trend remained bullish with price making higher highs and higher lows, Gold was vulnerable to a pull back. Using the Ichimoku cloud indicator we see price breaking below the kijun-sen (yellow line indicator) at $1,761. This is a sign of weakness. According to the indicator, price is vulnerable to a move towards the Kumo (cloud) at $1,730 where short-term support is found. Resistance is found at $1,760-70. Bulls need to push price above this level for a bullish signal. Until then price is vulnerable to move lower.
FX.co ★ Ichimoku cloud indicator analysis on Gold for August 3rd, 2022.
Ichimoku cloud indicator analysis on Gold for August 3rd, 2022.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade