08.04.202220:15 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for April 8, 2022.

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Gold price is moving higher towards the resistance of $1,950-60. According to the Ichimoku cloud indicator, trend is bullish as price continues to trade above the Daily Kumo (cloud). Price so far has respected the cloud and the last couple of days price is steadily above the tenkan-sen (red line indicator).

As we mentioned in previous posts, Gold trend is mostly sideways. Resistance by the kijun-sen (yellow line indicator) is at $1,979. In order for trend to remain bullish, price must continue trading above the cloud support. Price is approaching the cloud and the cloud is rising. In order for bulls to remain in control of the trend, price will need to rise accordingly. So far $1,900 remains a key support and trend change level.

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