GOLD: End Of Week Technicals - possible bullish breakout

GOLD: End Of Week Technicals - possible bullish breakout

25 September 2015, 18:11
Sergey Golubev
1
2 975

This trading week was ended with some interesting results and setups for for Gold (XAU/USD). So, let's describe the interesting moments for this pair.

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D1 price was on primary bullish market condition with secondary ranging: the price was inside Ichimoku cloud. Key resistance level at 1141.46 was broken by price from below to above few days ago together with Senkou Span line: the price broke Ichimoku cloud to be out of ranging zone of the chart. For now - the price for this pair is located to be above Ichimoku cloud with the primary bullish market condition trying to break 1156.62 resistance level for good possible breakout with 1170.06 resistance as the next bullish target.

If D1 price will break 1156.62 resistance level on close daily bar so the primary bullish condition will be continuing up to 1170.06 as the next target in this case.

If not so we may see the ranging within the levels.

  • Recommendation to go short: N/A
  • Recommendation to go long: watch the price to break 1156.62 resistance level for possible buy trade
  • Recommendation to re-enter long: watch the price to break 1170.06 resistance level for possible to re-enter buy trade
  • Trading Summary: bullish
Resistance
 Support
1121.25
1156.62
1102.38
1170.06

SUMMARY : bullish

TREND : possible breakout


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