Ichimoku cloud indicator analysis of Gold for July 7, 2021

Gold price is trading above $1,800 and as we explained in our last analysis, price has given us a bullish signal. In Ichimoku cloud terms in the Daily chart price has entered inside the Kumo which implies that trend has changed from bearish to neutral.

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Gold price is trading above the tenkan-sen (Red line indicator). Support by the tenkan-sen is at $1,782. Entering the cloud is a short-term bullish signal. Price is expected to continue higher towards the next important resistance by the kijun-sen (yellow line indicator) at $1,829. If price breaks above this level as well, then we should expect price to challenge the upper cloud boundary. If bulls fail to hold price inside the cloud, the scenario of a new low towards $1,740 will have increased chances.The material has been provided by InstaForex Company - www.instaforex.com

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