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Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen is below Kijun-sen, and they are both horizontal.  Chinkou Span line is below the price chart, current Kumo-cloud is descending. After long fall the pair has been corrected above the red line, which becomes a support level at 1197.02. The closest resistance level is Kijun-sen line at 1217.30.

XAU/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Chinkou Span line is below the price chart, current cloud is descending. Tenkan-sen line is the closest resistance level at 1227.19). One of the previous minimums of Chinkou Span line is expected to be a support level at 1163.28.

Key levels

Support levels:  1197.02, 1163.28.

Resistance levels:  1217.30, 1227.19.

Trading tips

On the four-hour chart further movement of the price will be determined by the breakdown of one of the levels: Tenkan-sen or Kijun-sen. On the daily chart we can see a development of the downward trend. Targets for the short positions are 197.02 and 1163.28.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Monday, 23 Dec, 2013 / 10:17

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

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