empty
 
 
26.05.2023 02:23 PM
Ichimoku cloud indicator analysis on Gold for May 26th, 2023.

This image is no longer relevant

Gold price is trading around $1,952. In Ichimoku cloud terms, trend in the 4 hour chart remains bearish as price is still below the Kumo (cloud). Price is bouncing from the $1,936. Gold price has broken above the tenkan-sen (Red line indicator) and if it also breaks above the kijun-sen (yellow line indicator), we could then see a bigger bounce towards the cloud resistance. The lower cloud boundary is key resistance at $1,976. Bulls want to see price enter the cloud again in order to change trend from bearish to neutral. Bulls do not want to see price get rejected. The kijun-sen provides key short-term resistance at $1,960. The Chikou span (black line indicator) is below the candlestick pattern (bearish). So far there is no change in our view. Gold price remains vulnerable to more downside. There is no sign of a trend reversal.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback