Ichimoku cloud analysis of Gold for April 6th, 2021
Gold price is breaking above short-term resistance levels. Gold price as long as it holds above $1,710-20 support which was previously resistance, should continue higher towards $1,780 at least. Gold price is expected to move higher towards cloud resistance.
Gold price has broken above the kijun-sen (yellow line indicator) in the Daily chart. Support by the kijun-sen and the tenkan-sen (red line indicator) is at $1,711-20. As long as price holds this support we expect a test of the cloud resistance at $1,780. If Gold price breaks out of the cloud, then we could expect a bigger trend reversal. Failure to stay above $1,710 will be a bearish sign that could bring price back to $1,680.The material has been provided by InstaForex Company – www.instaforex.com