Ichimoku cloud indicator analysis of Gold for July 13, 2021

Gold price continues to trade above $1,800 in a sideways consolidation. Price has formed a bullish flag and I expect to see an upward break out above $1,815 and a move towards $1,855 at least.

Using the Ichimoku cloud indicator in the 4 hour chart we confirm that short-term trend is supported by the Kumo (cloud) and price is moving sideways above both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Support is found at $1,803-$1,804 by these two indicators and at $1,796 by the upper cloud boundary. As long as price is above these levels we remain optimistic expecting a new upward move towards at least $1,855.The material has been provided by InstaForex Company - www.instaforex.com