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Technical Analysis: Gold

STO

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Our four-hour chart is showing Tenkan-sen under the Kijun-sen, both while being horizontal. Chikou Span confirmative line bisects the chart from below, indicating a descending cloud reversing into ascension. XAU seems to be trading over both the Tenkan-sen and Kijun-sen; pointing toward a continued Bullish trend. The most proximate support is denoted by the bottom of the cloud at 1248.26. The most proximate resistance at 1260.81.


The one day chart Tenkan-sen line is below Kijun-sen, with the red line moving downwards, the blue line is keeping horizontal. The Chikou Span confirmative line is again bisecting from below, meaning an ascending cloud. Gold again is trading between both the Tenkan-sen and the Kijun-sen line. Support is at the upper edge of the cloud at 1247.32. Proximate resistance is defined as the Kijun-sen line at 1265.92.


This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice

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Source: https://www.stofs.com/en/newsroom/entry/GENERAL/technical-analysis-gold/?camp=24219
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