FX.co ★ Ichimoku cloud indicator analysis on Gold for May 18, 2022.

Gold price is trading around $1,811. Price reached the key resistance yesterday at $1,825 but bulls could not hold above it. In Ichimoku cloud terms price remains in a bearish trend in the 4 hour chart as price is below the Kumo (cloud).

Gold is now again below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is a sign of weakness. Resistance by the two indicators is at $1,821. Bulls need to break above this level in order to push towards the next bounce target at $1,850 at the lower cloud boundary. As long as price is below $1,850 trend will remain bearish.