Support & Resistance

Short-term Ichimoku cloud indicator analysis on Gold for January 10th, 2023.

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Gold price is trading around $1,870. Short-term trend according to the Ichimoku cloud indicator is still bullish as price remains above the Kumo (cloud) in the 4 hour chart. However price has shown a sign of weakness as it is trading below the tenkan-sen (red line indicator). It is too early to talk about a major reversal, however trading below the tenkan-sen is a sign of weakness and if price continues like this, we should expect to see a pull back towards the kijun-sen (yellow line indicator) at $1,852. Cloud support is at $1,838. A test of the cloud support is not out of the question as there are other addition short-term indicators suggesting we are overbought in the near term.

The material has been provided by InstaForex Company –