Ichimoku cloud indicator analysis of Gold for August 31, 2021.

Gold price is trading at $1,807.Price is trading above the Ichimoku cloud in the 4 hour chart confirming that the 4 hour trend is bullish, however in the Daily chart trend is neutral. Bulls need to break above $1,833 in order to change Daily trend to bullish.

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Gold price is making higher highs and higher lows. Price is trading above the 4 hour Kumo (cloud). Cloud support is found at $1,794. As long as price is above this level, short-term trend is bullish. Bulls do not want to see price break below this level. However in order for the trend to continue to be bullish, bulls need to show more signs of strength. Short-term resistance is at recent highs of $1,822. Breaking above $1,822 will be a good sign for bulls and will increase chances of breaking the major resistance at $1,833.

The material has been provided by InstaForex Company - www.instaforex.com

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