GOLD: End Of Week Technicals - ranging market condition waiting for the direction of the trend

GOLD: End Of Week Technicals - ranging market condition waiting for the direction of the trend

9 September 2016, 08:28
Sergey Golubev
11
116

This trading week ended with some interesting results for this pair (XAU/USD) - the intra-day price was started with the bullish breakout and ending with the ranging bullish, and daily price was on breakout with the bullish reversal but ended this week with the ranging market condition to be inside Ichimoku cloud waiting for the direction of the trend.

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XAU/USD

D1 price is located inside Ichimoku cloud for the ranging market condition within the following support/resistance levels:

  • 1352.53 resistance located near and above Senkou Span line of Ichimoku indicator in the beginning of the bullish trend to be started, and
  • 1302.41 support level located near and below Ichimoku cloud in the beginning of the bearish trend to be resumed.

Absolute Strength indicator is estimating the daily bullish trend in the near future.

H4 price is on ranging condition within the primary bullish trend: the price is located above Ichimoku cloud for the ranging within narrow s/r levels.

If H4 price breaks 1352.53 resistance level on close bar so the bullish trend will be resumed.
If H4 price breaks 1335.37 support level on close bar so the local downtrend as the secondary correction within the primary bullish trend will be started.

If not so the price will be on the ranging within the levels.

  • Recommendation to go short: watch the price to break 1335.37 support level for possible sell trade
  • Recommendation to go long: watch the price to break 1352.53 resistance level for possible buy trade
  • Trading Summary: ranging
Resistance
 Support
1349.301335.37
1352.531315.86
N/A
1302.41

SUMMARY : bullish

TREND : ranging
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