Ichimoku cloud indicator analysis on Gold for November 20th, 2023.


In Ichimoku cloud terms trend is bullish. Price is above the Kumo (cloud). Gold price is currently trading around $1,970 after making a high around $1,992. Price has now broken below the tenkan-sen (red line indicator) and is challenging the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is currently above the candlestick pattern (bullish). Support by the kijun-sen is found near today's lows at $1,967. A daily close below the kijun-sen would be a sign of weakness. Cloud support is found at $1,961. Bulls do not want to see price enter the cloud. The tenkan-sen at $1,978 is short-term resistance. Bulls want to see price test the cloud support and form a higher low before continuing higher.

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