Ichimoku cloud indicator analysis on Gold for October 8, 2021.

Gold has provided us today with a strong bullish signal at $1,758 when the tenkan-sen (red line indicator) has crossed above the kijun-sen (yellow line indicator). Price remains above the Ichimoku cloud in the 4 hour chart, so there are still hopes for bulls.

Gold price spiked towards $1,780 but this upward move was short lived. Price came back down towards the Kumo and so far it continues to respect the support at $1,753-48 area. Gold price as we said above provided us with a bullish signal today. However more signs of strength are needed for Gold to move towards $1,800. Failure to defend $1,750-45 area will be a sign of weakness. Gold bulls need to defend the cloud and try and make a new higher high. This will give bulls enough fuel for a move towards $1,800 and maybe higher. On a daily basis according to the Ichimoku cloud indicator, trend remains bearish as price is still below the cloud.The material has been provided by InstaForex Company - www.instaforex.com