Ichimoku cloud indicator analysis of Gold for September 12, 2018

The Gold price remains in a bearish trend below the Daily Kumo (cloud) which is found at $1,225-27 area. Price is trapped between the tenkan- and the kijun-sen indicators confirming we are in a consolidation phase and not in a trend.

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The Gold price reached the kijun-sen (yellow line indicator) today and bounced back towards the tenkan-sen (red line indicator). There is no clear direction in the Gold price right now. The August low seems to be an exhaustion low but the upward bounce does not seem constructive for a larger bullish trend. Traders need to be cautious as there is no clear trend in Gold now.

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