This trading week was started and ended with flat for H4 and ranging for D1 timeframes for XAUUSD - the price was not yet reversed from the primary bearish to the primary bullish market condition.
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XAUUSD
D1 price is on primary bearish with secondary ranging between 1221.06 resistance and 1141.70 support levels.
- Chinkou Span line is crossing the price from above to below for future possible breakdown within the primary bearish.
- The
price is located to be exact below Senkou Span A line which is the virtual border between the primary bearish and the primary bullish on D1 chart.
- The nearest resistance is 1221.06.
- Nearest support level is 1141.70
If D1 price will break 1221.06
resistance level on close bar so we may see the reversal of the price movement from bearish to the bullish market condition.
If D1 price will cross 1141.70 support level on close bar so the bearish trend will be continuing with good breakdown for example.
If not so
we may see the ranging within primary bearish.
- Recommendation for short: watch the price for breaking 1141.70 support level for possible sell trade
- Recommendation
to go long: watch the price for breaking 1221.06 resistance level for possible long
- Trading Summary: ranging
| Resistance | Support |
|---|---|
| 1221.06 | 1141.70 |
| 1235.63 | 1131.93 |
| 1255.10 | N/A |
SUMMARY : bearish
