Ichimoku cloud indicator analysis on Gold for August 8th, 2022.

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Gold is in a bullish short-term trend according to the Ichimoku cloud indicator. Price recently tested the kijun-sen (yellow line indicator) support. Price respected the support at $1,774 and continues higher. Price is above both the tenkan-sen (red line indicator) and the kijun-sen. Support remains key at $1,774-78. A break below this short-term support area would lead price towards the Kumo (cloud) at $1,760. Our technical analysis showed that the upside potential is limited for Gold. The Ichimoku cloud indicator will confirm a reversal once price breaks below $1,774.

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