empty
20.05.2021 04:18 PM
Ichimoku cloud indicator analysis of Gold for May 20, 2021

Gold price continues to trade in a bullish trend. Price continues making higher highs and higher lows. As we explained in our last analysis Gold price might be making a blow off top as the RSI did not confirm the new higher high in price. Today we use the Ichimoku cloud indicator in order to identify as soon as possible any reversal signal.

This image is no longer relevant

Gold price is clearly above the cloud and above both the tenkan-sen (Red line) and the kijun-sen (yellow line) indicators. Support by the tenkan-sen is at $1,848 and by the kijun-sen at $1,811. As long as Gold price is above the tenkan-sen ($1,848) we remain short-term bullish. Breaking below it will be the first sign of weakness. Usually when price breaks below the tenkan-sen it continues lower towards the kijun-sen. If the kijun-sen is broken we see price test the Kumo (cloud). Price so far has provided no reversal sign so there is no confirmation of a top yet.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback