Ichimoku cloud indicator analysis on Gold for January 24th, 2023.

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Gold price remains in a short-term bullish trend as price continues trading above the 4 hour Kumo (cloud). Support by the cloud is at $1,906. As long as price is above the Kumo, bulls will remain in control of the short-term trend. The tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) were recently tested by price. Both remain below current price. Both provide support at $1,921-26. A break below this short-term support level would be the first sign of weakness. So far price continues to respect both indicators. The Chikou span (black line indicator) confirms the bullish trend as it remains above the candlestick pattern. So far no sign of weakness in the 4 hour chart of Gold.


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