Ichimoku cloud indicator analysis on Gold for June 23rd, 2022. | Market Analysis
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Ichimoku cloud indicator analysis on Gold for June 23rd, 2022.
18:12 2022-06-22 UTC--4
Exchange Rates analysis

Gold price made no real progress yesterday. Price moved as high as $1,847 and as low as $1,822. There is no clear trend. Price continues to trade around $1,850. Price remains vulnerable to the downside according to the Ichimoku cloud, because price remains below the Kumo and the kijun-sen (yellow line indicator). Resistance remains at $1,841 and next at $1,865 where we find the lower cloud boundary. The Chikou span (black line indicator) is above the candlestick pattern. This increases the chances of a move higher. Support is at $1,820. Failure to hold above it will be a sign of weakness. This could lead to a break of the weekly support trend line we mentioned in our previous analysis.

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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.