XAUUSD 1 Aug 2023 on the H4 timeframe. It can be seen that gold has dropped through the komu cloud on the ichimoku indicator. After the previous week it broke through the kumo and was at 1971.40 and touched R1 then gold went down towards S1 and is now at 1962.16. Although it looks like it will turn bullish, but if we refer to the stochastic indicator it looks like the bearish may continue as the chart shows a decline due to overbought. Wait for a clearer picture, keep an eye on other indications, look at other indicators before making a decision and trade with your own risk.
