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FX.co ★ Ichimoku cloud indicator analysis on Gold for September 1st, 2022.

Ichimoku cloud indicator analysis on Gold for September 1st, 2022.

Ichimoku cloud indicator analysis on Gold for September 1st, 2022.

Gold price has broken below $1,700 and is challenging the July lows. Trend remains bearish. The Ichimoku cloud indicator provided us with a bearish signal on time 5 trading days ago. Gold is down each and every day since then. Gold price broke below the lower cloud boundary on August 26th. The tenkan-sen (red line indicator) crossed below the kijun-sen (yellow line indicator) the same day.Gold has not made a positive trading session since then. Our initial bearish signal when Gold price got rejected at the cloud at $1,800 remains intact. Bears remain in full control of the trend with no sign of turning around. Although technically a reversal in the trend is justified, so far bulls seem to be weak.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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