Gold (XAU/USD): bearish. The price is on primary bearish with the ranging within 1077.19 key support level and 1191.48 key support level. Both levels are located below Ichimoku cloud and Senkou Span lines for the bearish area of the chart. Intermediate support level for the pair is 1098.68, and if the price crosses this level from above to below so we may see 1077.19 as the next bearish target. Bullish reversal level for the price is 1232.40 located inside Ichimoku cloud in the ranging bullish area of the chart.
- if the price breaks 1191.48 resistance so we may see the secondary rally within the primary bearish market condition;
- if the price
breaks 1232.40 resistance so the price will be reversed from the
primary bearish to the primary bullish market condition with the
secondary ranging;
- if the price breaks 1077.19 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 1191.48 | 1098.68 |
| 1232.40 | 1077.19 |
