Gold holding At Ichimoku Cloud support
Chart Source: Fxcm Marketscope 2.0
Gold’s daily ichimoku chart suggests some support for the precious metal. We can see that price is looking to hold above the green cloud (red ellipse) and that the black base line is moving sideways (orange ellipse) and not following price down. As long as this holds it is likely that gold has pulled back and not reversed direction. To confirm the pull-back scenario, we are looking to see if:
- the orange lagging line crosses back above price (green ellipse); and
- if price moves back above the black base line.
If these happen, it will be regarded as bullish developments.
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