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.

 




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