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09.05.2022 05:53 PM
Ichimoku cloud indicator analysis on Gold for May 9, 2022.

Gold price remains in a bearish trend as price is still below the 4 hour Kumo (cloud). Despite the recent bounce towards $1,910 bulls were unable to hold price above $1.900. Gold price got rejected at cloud resistance and is now challenging recent lows.

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As long as Gold price is below the Kumo, bears will remain in control of the trend. Failure to hold above $1,850-60 will lead Gold price towards the major support trend line at $1,825-$1,810 that we mentioned in previous posts with a weekly chart. Bulls need to reclaim $1,900-$1,910 in order to have hopes for a bigger upward reversal.
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