Tuesday, August 8, 2023
Gold price is trading around $1,930. Price is trading inside the Daily Kumo (cloud). According to the Ichimoku cloud indicator trend is neutral. However with price having broken below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), price remains vulnerable to a move lower. As expected by our analysis yesterday, a move towards $1,910 is very possible since bulls were unable to push price above $1,946. The Chikou span (blue line indicator) is above the candlestick pattern (bullish) but with a negative slope moving towards support of $1,910. Failure to hold above $1,910 will open the way for a move towards $1,860 where we find the weekly Kumo (cloud) support.
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