Ichimoku gold index analysis today October 6, 2020

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Ichimoku gold index analysis today October 6, 2020Gold is trading around the key resistance zone between $1900 and $1,915. Within the como cloud, which means that the short-term trend is neutral. The cloud borders are now used as key support and resistance levels.

Cloud minimum and major support at $1,895. Consolidation above this level will give buyers hope for a move towards the upper cloud limit at $1,950.

The price is now between kijun-sen (blue line indicator) and tenkan-sen (red line indicator). tenkan-sen provides support at $1,882 and kijun-sen provides resistance at $1,920. As long as the price closes above $1,895, we remain optimistic in the short term for a move towards $1,950, especially if the resistance at $1,920 is broken. A rejection in the cloud and a move below 1895 will increase the chances of a move towards $1850.

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