Ichimoku cloud indicator analysis of Gold

Gold price continues to make higher highs towards the June high. Price remains in a bullish trend and if we see a strong buy signal by the Ichimoku cloud indicators, we could expect price to reach $1,800 over the coming weeks.

Gold price is above the tenkan-sen and the kijun-sen. This is a bullish sign. If we see the tenkan-sen (red line indicator) cross above the kijun-sen (yellow line indicator) then this would be a strong bullish signal. So far Gold price respects key support levels and bouncing off the cloud support was another bullish sign we noted early. Now bulls need to continue this upward move and eventually make a higher high towards $1,780-$1,800. Support is found at $1,717. Bulls do not want to see price break below that level.

Source: Ichimoku cloud indicator analysis of Gold

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