XAU/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are horizontal and the price is stuck between them. Chinkou Span line is above the price chart, current Kumo-cloud is ascending. Kijun-sen and Tenkan-sen lines have become support (1322.15) and resistance (1308.94) levels respectively.
XAU/USD, D1
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards while the blue one remains horizontal. Chinkou Span line is above the price chart, current cloud has reversed from descending to ascending. The pair is going upwards. Tenkan-sen line (1293.66) is the closest support level. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1352.20.
Key levels
Support levels: 1322.15, 1293.66.
Resistance levels: 1308.94, 1352.20.
Trading tips
On the four-hour chart further movement of the price will be determined by the breakdown of one of the levels: Kijun-sen (1322.15) or Tenkan-sen (1308.94). Daily chart confirms upward trend. Pending buy orders can be placed above 1308.94 with target at 1352.20.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies