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Ichimoku cloud indicator analysis of Gold for July 19, 2021

Gold price remains in a bullish trend according to the 4 hour chart and the application of the Ichimoku cloud indicator. Price remains above the Kumo (cloud). Price not only remains in a bullish trend, the recent pull back and test of cloud support, followed by a bounce, is a confirmation that bulls remain in control of the trend.

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Gold price is above the Kumo but below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). In order for the upside momentum to strengthen, bulls will need to break above both the tenkan-sen and the kijun-sen. Resistance by these indicators is at $1,810-14. So a break above this resistance area would be a bullish sign. Bulls do not want to see Gold price enter the cloud and break below it. This would be a bearish sign and would cancel any hope of a bigger bounce towards $1,860-$1,900.

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