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Ichimoku cloud indicator analysis on Gold for February 23rd, 2023.


Gold price is making new lower lows today towards $1,817. Short-term trend remains bearish as price is still below the 4 hour Kumo (cloud). Both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) are above current price providing short-term resistance at $1,831. The Chikou span (black line indicator) is also below the candlestick pattern confirming bearish trend. In order to see a trend change, bulls must push price above $1,854 and the upper cloud boundary. In the mean time we find resistance at $1,831-32. Gold price remains in a sequence of lower lows and lower highs.

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