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12.04.202322:08 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for April 12th, 2023.

Exchange Rates 12.04.2023 analysis

Gold price is trading around $2,013. Short-term trend remains bullish as price is still above the Kumo (cloud). We use the Ichimoku cloud indicator in order to identify key short-term support levels and to see what needs to be done in order for trend to change to bearish. Currently trend is controlled by bulls. Price is above the Kumo with price making higher highs and higher lows. Support is found at $1,997-87. As long as price is above this level, bulls remain in control of the trend. Resistance is at today's highs of $2,027. Gold price tried to break to new highs but price got rejected. A break below $1,987 combined with the double top rejection, would be a bearish sign and the start of a bigger correction towards $1,920-$1,900.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Alexandros Yfantis,
Analytical expert of InstaSpot
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