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
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.
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 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
SUMMARY : bullish