Ichimoku cloud indicator analysis of Gold for July 7, 2021

Gold price is trading above $1,800 and as we explained in our last analysis, price has given us a bullish signal. In Ichimoku cloud terms in the Daily chart price has entered inside the Kumo which implies that trend has changed from bearish to neutral.

Gold price is trading above the tenkan-sen (Red line indicator). Support by the tenkan-sen is at $1,782. Entering the cloud is a short-term bullish signal. Price is expected to continue higher towards the next important resistance by the kijun-sen (yellow line indicator) at $1,829. If price breaks above this level as well, then we should expect price to challenge the upper cloud boundary. If bulls fail to hold price inside the cloud, the scenario of a new low towards $1,740 will have increased chances.The material has been provided by InstaForex Company - www.instaforex.com