FX.co ★ Ichimoku cloud indicator analysis on Gold for August 3rd, 2022.

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.