Ichimoku cloud indicator analysis of Gold for July 15, 2021

Gold price is in a short-term bullish trend according to the Ichimoku cloud indicator. Gold price is trading around $1,830 and has the potential to move higher towards our $1,855 target as we explained in previous posts.

Gold price is trading above both the tenkan-sen and the kijun-sen indicators confirming short-term bullish trend. Support by the tenkan-sen is at $1,823 and by the kijun-sen at $1,812. The most important support is the 4 hour cloud and we find it at $1800-$1,805. What was once resistance is now support. The Chikou span is above the candlestick pattern. Recently the tenkan-sen crossed above the kijun-sen and this was a bullish signal. Short-term trend remains under the control of bulls.The material has been provided by InstaForex Company - www.instaforex.com