Ichimoku cloud indicator analysis on Gold for November 5, 2021.

Gold price is breaking out today making new highs and providing a short-term bullish reversal signal. Price is in a bullish trend as price has bounced off the cloud support and is now trading above both the tenkan-sen and kijun-sen indicators on a Daily basis.

Gold price tested this week the cloud support and is bouncing off of it. Price has broken above $1,800-$1,810 resistance and has turned short-term trend to bullish. Gold is making new highs and has now potential to continue higher next week towards $1,850-$1,900. Gold has broken the major resistance trend line coming from $1,916 and is now expected to test the next major trend line at $1,840.

Blue line - resistance

Concluding, Gold bulls are in control of the short-term trend and the precious metal has the potential to provide a new stronger bullish signal of the coming weeks by breaking above the blue resistance trend line coming from its all time highs. Support remains key at $1,750-60.

The material has been provided by InstaForex Company - www.instaforex.com