Ichimoku cloud indicator analysis on Gold for October 4, 2021.

Gold price is getting rejected by the Ichimoku cloud. Short-term trend remains bearish as price is again below the cloud. Price tested the Ichimoku cloud and reached as high as $1,765, but staying inside the cloud was for a short time as bulls were not strong enough to hold support.

Gold price is trading again below the Kumo (cloud) and has now broken the tenkan-sen (red line indicator). This is a sign of weakness. Next short-term support is at $1,743. Breaking below $1,743 will most probably push price to new lows. Bulls need to step in and push price above $1,770 in order for price to break above the Kumo (cloud) and change short-term trend.The material has been provided by InstaForex Company - www.instaforex.com