Ichimoku cloud indicator analysis of Gold for August 26, 2021.

Gold price is trading around $1,780-90. Gold made a low at $1,779 after making a high at $1,809. Gold price got rejected at the cloud resistance. Gold price respects so far the tenkan-sen (red line indicator). Gold bulls want to see price break inside and above the cloud in order for trend to change to bullish in ichimoku cloud terms.

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The tenkan-sen (red line indicator) support is at $1,789. A daily close below this level will open the way for a deeper pull back towards the kijun-sen (yellow line indicator) at $1,758. Cloud resistance is found at $1,809. Bulls need to break above this level. Entering the cloud will change trend to neutral. Breaking above it will change it to bullish.

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

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