Fundamental analysis

Ichimoku cloud indicator analysis on Gold for January 9th, 2023.

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Gold price is making new short-term higher highs above $1,875. Price continues making higher highs and higher lows after the pull back towards $1,825. On a daily basis the tenkan-sen (red line indicator) has been respected and price remains above it and above the kijun-sen (yellow line indicator). On a daily basis we have not seen a sign of weakness. The weakness we saw was in the near term and was followed by the pull back to $1,825. Now Gold is again making new highs and as long as price is above $1,838, bulls have nothing to fear. The Chikou span (black line indicator) is above the candlestick pattern, confirming bullish trend. The RSI continues to provide a bearish divergence but this is not a reversal signal. This is only a warning.

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