empty
 
 
16.05.2022 03:55 PM
Ichimoku cloud indicator analysis on Gold for May 16, 2022.

Gold price is trading just above $1,800. Trend remains bearish according to the Ichimoku cloud indicator. There is upside potential towards $1,850 if bulls manage to break above the short-term resistance at $1,825 where we find the kijun-sen (yellow line indicator).

This image is no longer relevant

Gold is clearly below the Kumo and below both the tenakn-sen and kijun-sen indicators. First bounce target is at $1,825 if bulls manage to push price above the tenkan-sen at $1,807.50. Until then Gold price will remain vulnerable to more downside.The Chikou span is well below the candlestick pattern, confirming bearish trend. If the resistance at $1,825 is broken, then we should expect a move towards $1,850.
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 $1000 more!
    In April we raffle $1000 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