XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they are both directed upwards. Chinkou Span line is above the price chart; current Kumo-cloud is ascending. The pair has  broken through the cloud and is still rising. The closest support level is Tenkan-sen line (1208.93). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1233.08.

Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, D1

On the daily chart Tenkan-sen line has crossed Kijun-sen from below ander the cloud, forming trend reversal pattern. Chinkou Span line is crossing the price chart from below; current cloud is descending. The pair has overcome Tenkan-sen and Kijun-sen lines, the first one becomes a support level (1200.69). The next obstacle for the price on its way up will be the lower border of the cloud at 1231.09.

Forex: Ichimoku Clouds. Review of XAU/USD

Key levels

Support levels: 1208.93, 1200.69.

Resistance levels: 1231.09, 1233.08.

Trading tips

On the four-hour chart the upward trend is still strong, on the daily one we’ve got two signals to buy. Targets for the long positions are 1231.09 and 1233.08.

 




Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.



Follow us in social networks!
Live Chat
Leave feedback