Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are horizontal. Confirmative Chinkou Span line is below the price chart; current Kumo-cloud is descending. The pair is slowly moving downwards witj Tenkan-sen line as the closest resistance level (1124.82). One of the previous minimums of Chinkou Span line is expected to be a support level at 1112.42.

Forex: Ichimoku Clouds. Review of XAU/USD


On the daily chart Tenkan-sen line is above Kijun-sen, the lines are getting closer within the cloud. Confirmative Chinkou Span line is above the price chart, however, current cloud is reversing from ascending to descending. The pair has entered the cloud and is trading along its lower border (1113.18). The closest resistance level is Kijun-sen line (1124.99).

Forex: Ichimoku Clouds. Review of XAU/USD

Key levels

Support levels: 1113.18, 1112.42.

Resistance levels: 1124.99, 1124.82.

Trading tips

On the four-hour chart the pair continues to move downwards. On the daily chart the signal to sell will be formed as soon as the price breaks down the lower border of the cloud. Short positions can be opened at current price with take-profits at 1112.42 and stop-losses at 1124.00.



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