XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Such image reflects a slowdown of the Bearish movement. Confirmative Chinkou Span line is below the price chart; current Kumo-cloud is descending. The closest resistance level is Tenkan-sen line (1149.48). One of the previous minimums of Chinkou Span line is expected to be a support level at 1132.55.

Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, they are both directed downwards. Confirmative Chinkou Span line is below the price chart and current cloud is still descending. The pair is still falling towards the level of 1138.75. The closest resistance level is Tenkan-sen line (1158.53). 

Forex: Ichimoku Clouds. Review of XAU/USD

Key levels

Support levels: 1138.75, 1132.55.

Resistance levels: 1149.48, 1158.53.

Trading tips

On the both charts Bearish trend is still strong. Short positions can be opened at current price with take-profits at 1138.75 and stop-losses at 1149.48. The scenario should be cancelled as soon as the price goes above Tenkan-sen line on the four-hour chart.




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