XAU/USD has been corrected above Tenkan-sen line, which becomes a support level (1300.51)

July 17, 2014

XAU/USD, H4

On the four-hour chart Tenkan-sen line is below Kijun-sen, red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is below the price chart, current cloud is descending.  After long fall the pair has been corrected above Tenkan-sen line, which becomes a support level (1300.51). The closest resistance level is Kijun-sen line (1315.65).

XAU/USD, D1

Let’s look at the daily chart. Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart; current cloud is ascending. The pair is consolidating around Kijun-sen line. The closest resistance level is Tenkan-sen line (1318.37).  The next obstacle for the price on its way down will be the upper border of the cloud (1285.63).

Key levels

Support levels: 1300.51, 1285.63.

Resistance levels: 1315.65, 1318.37.

Trading tips

On the four-hour chart we can see a correction of the downward movement, on the daily chart Bearish trend is also getting weaker. Pending sell orders should be placed below 1300.00 with targets at 1285.63.

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