XAUUSD, “Gold vs US Dollar”

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Technical outlook and chart setups:

Gold is seen to be trading at $1,187.00 after bouncing off $1,180.00. Please note that the metal has bounced off the Fibonacci 0.50 support level as well. It is recommended to initiate 50% long positions at the current price and to remain at $1,170.00 respectively, with risk at $1,150.00. Bulls could resume rally and push through the current levels as well. Immediate support is seen at $1,160.00 followed by $1,140.00 and lower, while resistance is seen at $1,223.00 followed by $1,240.00/50.00, $1,280.00, and higher respectively.

Trading recommendations:
Initiate 50% long positions now, remaining at $1,270.00, stop at $1,250.00.

The material has been provided by InstaForex Company

XAUUSD, Time Frame Daily. Tenkan-Sen and Kijun-Sen are very close to each other below Kumo Cloud, they may intersect and form “Golden Cross” (1). Ichimoku Cloud is going down (2), Chinkou Lagging Span is on the chart, and the price is below Kumo. Short‑term forecast: we can expect support from Tenkan-Sen – Kijun-Sen, and attempts of the price to stay inside the cloud.
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XAU USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are still influenced by “Golden Cross” (1). Chinkou Lagging Span is above the chart, Ichimoku Cloud is moving upwards (2), and the price is above the lines. Short‑term forecast: we can expect support from Kijun-Sen, and growth of the price
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Overview :
Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,191.54 in an average volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. Our submajor Fibonacci retracement 61.% at the price of $1,191.00 is on the test. If the price breaks the level of $1,191.00, we may see potential testing the level of $1,205.00 (major Fibonacci retracement 38.2%). Above $1,191.00, watch for potential buying opportunities on the dips.

Daily Fibonacci pivot points:
Resistance levels :

1. R1: 1,190.51
   
2. R2: 1,193.43
   
3. R3: 1,198.17
   

Support levels :

1. S1: 1,181.03
   
2. S2: 1,178.11
   
3. S3: 1,173.837
   

Trading recommendations: Watch for potential buying opportunities after a retracement.
The material has been provided by InstaForex Company

XAU USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1). Chinkou Lagging Span is above the chart, Ichimoku Cloud is moving upwards (2), and the price is near the cloud’s upper border. Short‑term forecast: we can expect support from Kijun-Sen, and attempts of the price to stay above the cloud.
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XAU USD, Time Frame H4. Tenkan-Sen and Kijun-Sen intersected below Kumo Cloud and formed “Golden Cross” (1). Chinkou Lagging Span is above the chart, Ichimoku Cloud is moving downwards (2), and the price is inside Kumo. Short‑term forecast: we can expect attempts of the price to stay above the cloud.

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XAU USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are influenced by “Dead Cross” (1), but both lines are very close to each other. Chinkou Lagging Span is below the chart, Ichimoku Cloud is moving downwards (2), and the price is below the lines. Short‑term forecast: we can expect resistance from Tenkan-Sen, and attempts of the price to grow towards the cloud.
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