XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are horizontal. Confirmative Chinkou Span line is approaching the price chart from above; current Kumo-cloud is descending. The pair has broken down the cloud but slowed down its fall. The main resistance level is the lower border of the cloud at 1134.03. However, the price most probably will continue its fall down to the level of 1119.00.

Forex: Ichimoku Clouds. Review of XAU/USD

XAU/USD, D1

On the daily chart Tenkan-sen line is above Kijun-sen, both lines have turned sideways. Confirmative Chinkou Span line is above the price chart, however, current cloud is reversing from descending to ascending. The pair has entered the cloud and is trading between Tenkan-sen and Kijun-sen lines which are resistance (1143.78) and support (1124.99) levels respectively.

Forex: Ichimoku Clouds. Review of XAU/USD

Key levels

Support levels: 1124.99, 1119.00.

Resistance levels: 1134.03, 1143.78.

Trading tips

On the four-hour chart we’ve got a signal to sell (the breakdown of the cloud). On the daily chart the pair is trading within the cloud. Short positions can be opened at current price with take-profits at 1119.00 and stop-losses at 1134.03.

 

 




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