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

Gold price is trading above $1,950. According to the Ichimoku cloud indicator trend in the Daily chart is bullish as price has broken above the Daily Kumo (cloud) resistance. The tenkan-sen (Red line indicator) has crossed above the kijun-sen (yellow line indicator). This is another sign of strength. The Chikou span (black line indicator) is now above the candlestick pattern and above the cloud (bullish). Using the Ichimoku cloud indicator we confirm that everything is looking bullish for Gold. This does not mean that we could not see a back test of the break out area and a test of support at the kijun-sen tenkan-sen area around $1,900-$1,885.