21.01.202216:04 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 21, 2022.

Gold price remains in a short-term bullish trend. In previous posts we talked about the break out above the horizontal resistance of $1,830 and the potential for a move towards $1,860. Today we use the Ichimoku cloud indicator analysis to point key support levels as Gold is trading higher.

Exchange Rates 21.01.2022 analysis

In Ichimoku cloud terms Gold price is in a bullish trend. Price in the Daily chart is above the Kumo (cloud) and above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Also the Chikou span (black line indicator) is above the candlestick pattern. Both the tenkan-sen and kijun-sen are positively sloped. Support by the tenkan-sen is at $1,823 and by the kijun-sen at $1,811. At $1,811 we also find the upper cloud boundary. Bulls do not want to see price break below $1,811. Until then, they remain in control of the short-term trend.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Trade Wise, Win Devise
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • Ferrari from InstaForex
    Top up your account with at least $1,000
    join the contest and win Ferrari
    F8 Tributo
  • Chancy Deposit
    Deposit your account with $3,000 and win $1,000
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
Can't speak right now?
Ask your question in the chat.