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29.12.202117:50 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for December 29, 2021.

Gold price has pulled back from $1,819 to $1,793. In Ichimoku cloud terms price in the 4 hour time frame remains in a bullish trend. We warned that a move below the kijun-sen would put pressure on price and we should expect then a test of the cloud support. This is exactly what happened and now we see price bounce off the cloud.

Exchange Rates 29.12.2021 analysis

Black lines - Fibonacci retracements

Gold price is trading below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Resistance by these two indicators is at $1,803-$1,804. A 4 hour candlestick close above this resistance area would be a bullish signal. Bouncing off the cloud support is also a bullish signal but in order to increase chances of success for bulls, price must break above the $1,804 resistance. Failure to hold price above $1,793-$1,783, would be a bearish sign.

*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
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