Monday, February 20, 2023
Gold price is trading around $1,840-45. Short-term trend according to the Ichimoku cloud indicator is still bearish. Gold price remains below the Kumo (cloud) in the 4 hour chart. Bears remain in control of the trend. The tenkan-sen (red line indicator) provides support at $1,832. Resistance by the lower cloud boundary is at $1,861. The Chikou span (black line indicator) also favors bears. Price is below the candlestick pattern. Price is currently trading around the kijun-sen (yellow line indicator). A 4 hour close above the kijun-sen will open the way for a move close to the Kumo. Failure to stay above the kijun-sen will make Gold price vulnerable to more downside towards the tenkan-sen.
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