08.01.202200:26 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for January 7, 2022.

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Gold price made a low today around $1,782 right on top of the horizontal support. The week ended at $1,795 having broken below the weekly Kumo (cloud). On a 4 hour basis trend remains bearish as price continues to trade below the Kumo (cloud).

Gold price closed today above the 4 hour tenkan-sen (red line indicator) providing a sign of strength, implying that next week could start with Gold moving higher. Next short-term resistance for Gold is at $1,805 (kijun-sen) and at $1,807 (Kumo). Bulls need to break above these resistance levels in order to regain control of the short-term trend. $1,782 remains key support and key recent lows. Failure to stay above these levels, will lead Gold towards $1,750.

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