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.
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 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
SUMMARY : bullish