Forecast for Q3'16 - levels for GOLD (XAU/USD) - page 2

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

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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Press review

Sergey Golubev, 2016.09.17 11:59

Fundamental Weekly Forecasts for Dollar Index, GBP/USD, AUD/USD, NZD/USD, USD/CAD, USD/CNH and GOLD (based on the article)

GOLD (XAU/USD) - "Gold is eyeing a key near-term support confluence into the close of the week at 1302/04 where the 100% extension of the decline off the early high converges on the 100-day moving average, the monthly low & the May high. The immediate downside bias is at risk while above this level near-term with initial resistance eyed at the monthly low-day close at 1323 backed by 1330." 




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