FX.co ★ Ichimoku cloud indicator analysis on Gold for October 28th, 2022.

Gold price is trading around $1,642. According to the Ichimoku cloud indicator trend remains bearish as price is still below the Kumo in the Daily chart. Price recently got rejected by the kijun-sen (yellow line indicator) resistance and is now challenging the tenkan-sen (red line indicator) support. Price has formed a lower high and is now turning lower again. Gold remains vulnerable to more downside. In order for short-term trend to change to bullish, bulls will at least need to push price above the kijun-sen resistance at recent highs of $1,674. Until then Gold remains vulnerable to the downside.