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01.10.202116:10 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for October 1, 2021.

Gold price is challenging the 4 hour Ichimoku cloud (Kumo). Price is still below the Kumo, implying that trend remains bearish. Price is above both the tenkan-sen and kijun-sen indicators and as long as this is the case, bulls will have increased chances of pushing price above the cloud, thus turning trend to bullish.

Exchange Rates 01.10.2021 analysis

Support by the tenkan-sen and kijun-sen is at $1,742. Bulls must defend this level. Staying above this level will be crucial for bulls to manage and change short-term trend to bullish. So far price is trying to enter the Kumo. Traders need to be very cautious as we are at an important junction. Resistance is found at $1,757 to $1,771.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2025
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