Gold price did not manage to enter the cloud yesterday but today's candlestick is inside it. It is almost certain that price will close inside the cloud turning trend to neutral according to the Ichimoku cloud indicator. Price is still above the kijun-sen (yellow line indicator) found at $1,743. The tenkan-sen (red line indicator) however is above the current price. We find the tenkan-sen at $1,764. The upper cloud boundary is at $1,780 while the lower cloud boundary is at $1,748. Is Gold preparing for a new upward move? A break above the cloud will increase chances of the bullish scenario. Is this a pause to the downward trend of Gold prices? A break below $1,740 will increase chances of the bearish scenario. The Ichimoku cloud indicator helps us define key support and resistance levels in order to identify the major trend faster.
