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Forex Analysis
Ichimoku Indicator

07.10.202118:51 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for October 7, 2021.

Gold price is at $1,756. The Ichimoku cloud indicator provides a contradicting result between the 4 hour chart and the Daily chart. This reflects the indecision and the lack of a clear direction in the specific market.

Exchange Rates 07.10.2021 analysis

In the 4 hour chart Gold price is trading above the Kumo (cloud) and above both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). However the tenkan-sen is below the kijun-sen. This is not a clear bullish confirmation, but staying above the cloud in the 4 hour chart is key for bulls to be able to change short-term trend to bullish. If the tenkan-sen crosses above the kijun-sen and price is above the Kumo, then we get a strong bullish signal.

Exchange Rates 07.10.2021 analysis

In the Daily chart we see Gold price trying to crawl inside the Kumo in order to change trend to neutral. Price is below the kijun-sen but above the tenkan-sen. The tenkan-sen provides support at $1,745. Breaking below this level will provide a bearish signal. Bulls need to push price above the cloud and the kijun-sen resistance at $1,778. If this happens then we will get an important bullish signal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2025
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