Ichimoku cloud indicator analysis on Gold for August 24th, 2022.

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Gold price is challenging the Daily Kumo (cloud). Price is above the kijun-sen (yellow line indicator) which provides important support at $1,743. Trend remains bearish as price is still below the cloud. The tenkan-sen (red line indicator) is found at $1,764 above current market price. The Chikou span (black line indicator) is above the candlestick pattern. So far we have two positive signs and two negatives. Of course the important sign is that price is below the Kumo trying to get inside. A rejection here would be a bearish signa and could put the recent low of $1,727 in danger.

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