Ichimoku cloud indicator analysis of Gold for July 20, 2021

Gold price is challenging the 4 hour Ichimoku cloud once again. Price is at an important support level and any hopes for further upside will be cancelled if price breaks below the cloud. The last time price tested the cloud, support was respected and a bounce followed.

Gold price has broken once again below the tenkan-sen and the kijun-sen. Price is at the upper cloud boundary and failure to hold above $1,805 today would be a sign of weakness. Gold price has resistance at the recent high of $1,824. Bulls need to recapture this level if we are going to see a push higher towards $1,855-60. $1,800 is the lower cloud boundary. Breaking below it would be a bearish sign. The next couple of trading sessions are very critical for the short-term trend.The material has been provided by InstaForex Company - www.instaforex.com