Ichimoku cloud indicator analysis on Gold for September 21st, 2023.

Gold price is trading around $1,920. Bulls failed to push price above the Kumo (cloud) resistance. Price is showing rejection signs in the daily chart as price is turning lower after testing the cloud resistance. Gold is trading below the tenkan-sen (red line indicator) and is now challenging the kijun-sen (yellow line indicator). A daily close below $1,918 would be a new sign of weakness. Trend according to the Ichimoku cloud indicator is still bearish as price remains below the Daily Kumo. The Chikou span (black line indicator) is above the candlestick pattern (bullish) but is turning lower. Price remains vulnerable to more downside.The material has been provided by InstaForex Company - www.instaforex.com
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