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20.11.202318:30 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for November 20th, 2023.

Exchange Rates 20.11.2023 analysis

In Ichimoku cloud terms trend is bullish. Price is above the Kumo (cloud). Gold price is currently trading around $1,970 after making a high around $1,992. Price has now broken below the tenkan-sen (red line indicator) and is challenging the kijun-sen (yellow line indicator). The Chikou span (black line indicator) is currently above the candlestick pattern (bullish). Support by the kijun-sen is found near today's lows at $1,967. A daily close below the kijun-sen would be a sign of weakness. Cloud support is found at $1,961. Bulls do not want to see price enter the cloud. The tenkan-sen at $1,978 is short-term resistance. Bulls want to see price test the cloud support and form a higher low before continuing higher.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Alexandros Yfantis,
Analytical expert of InstaSpot
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