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FX.co ★ Ichimoku cloud indicator analysis on Gold for September 8th, 2022.

Ichimoku cloud indicator analysis on Gold for September 8th, 2022.

Ichimoku cloud indicator analysis on Gold for September 8th, 2022.

Gold price made a bounce towards the short-term cloud resistance of $1,727. Price action is bearish. Price got rejected at the cloud resistance and is turning lower. Gold bulls remain weak in the short-term as long as price is below the Kumo (cloud). At $1,709 we find the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is short-term support. At $1,707 we find the lower cloud boundary. This is important short-term support. Failure to hold above these levels will lead Gold to a move lower. The inability by bulls to break above the cloud is a sign of weakness. If price breaks also below support, we will have confirmation that bears remain in full control of the trend.

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