FX.co ★ Ichimoku cloud indicator analysis on Gold for May 19th, 2023.

Gold price is challenging the Daily Kumo (cloud) support. Price is trading inside the Kumo now. A daily close inside it will change trend from bullish to neutral. The Chikou span (black line indicator) is trading below the candlestick pattern (bearish). Bulls need to step in and push price above the cloud in order to maintain control of the daily trend. The tenkan-sen (red line indicator) provides resistance at $1,999 and the kijun-sen (yellow line indicator) at $2,016. If price closes inside the Kumo, then price will be vulnerable to more downside towards the lower cloud boundary near $1,926. If support at cloud holds, price could provide a bounce at the beginning of the week towards the tenkan-sen.