The next obstacle for the price on its way up will be the lower border of the cloud

December 29, 2014

XAU/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below under the cloud, forming trend reversal pattern. Chinkou Span line is below the price chart; current Kumo-cloud is descending. The closest support level is Tenkan-sen line (1187.16). The next obstacle for the price on its way up will be the lower border of the cloud (1200.49).

XAU/USD, D1

On the daily chart Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is following the price chart; the cloud is going to turn from ascending to descending. The pair has entered the cloud once again; its border become support (1184.26) and resistance (1194.64) levels.

Key levels

Support levels: 1187.16, 1184.26.

Resistance levels: 1194.64, 1200.49.

Trading tips

On the four-hour chart we’ve got a signal to buy. Short-term long positions can be opened at current price with take-profits at 1200.49.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

Publication source
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