FX.co ★ Ichimoku cloud indicator Daily analysis of Gold for September 7, 2020

Gold price continues to move sideways and below both the tenkan-sen and kijun-sen indicators increasing the chances of touching the Kumo (cloud) support at $1,900. Longer-term trend remains bullish as price remains above the Cloud.

Gold is trading below both the tenkan-sen and kijun-sen indicators. The tenkan-sen provides resistance at $1,947 and the kijun-sen at $1,979. As long as price is below these two indicators I expect price to be vulnerable to a pull back towards cloud support. The Chikou span (black line indicator) has also broken below the candlestick pattern and this is not a good sign for bulls. Failure to hold $1,920 will push price to $1,900 and maybe to $1,875. Bulls need to be cautious.