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Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, and they are both horizontal. Chinkou Span line is approaching the price chart from below, current Kumo is still descending. After long fall the pair has been corrected above Tenkan-sen and Kijun-sen lines, the latter has become a support level at 1251.78. The next obstacle for the price on its way up will be the lower border of the cloud at 1263.48.

XAU/USD, D1

On the daily chart Tenkan-sen line is also below Kijun-sen, however the uprising correction hasn’t reached the red line. Chinkou Span line is below the price chart, current cloud is descending. Tenkan-sen line (1260.76) remains a resistance level. Support level is expected to be at 1222.44 (previous lows of Chinkou Span line).

Key levels

Support levels:  1251.78, 1222.44.

Resistance levels:  1260.76, 1263.48.

Trading tips

On the four-hour chart the signal to open short positions will appear after the cross of price chart and Chinkou Span line. However, daily chart doesn’t confirm the reversal of the trend. Targets for the long positions are still 1222.44.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Tuesday, 26 Nov, 2013 / 8:42

Source : https://www.liteforex.com/

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