XAUUSD: The Bearish channel is still valid
Thisis a big picture: state of play concerning XAUUSD.
The precious metal is still on the downside channel with 1220 as a resistance upside and 1080 on the downside as a target. This may continue until FED decide to increase the interest rate. At first, by increasing interest rate, USD with gain value against EUR and this will not favor XAUUSD. but on a medium term basis and with the genuine risk of inflation, XAUUSd may start gaining some value when FED's interest rate come at a stage where the increase it about 0.50 base point.
On the other hand, The next level of Gold may be 1180, 1138, 1100, 1080, 1060 and 1040. On the downside. Bellow 1040, it is rather dangerous because the precious metal may slip towards 960.
On the upside, unless XAUUSd cross 1280, the upside should be limited to 1256 and one should consider a reversal if the precious metal cross 1280.
On the Ichimoku side of the story, there is no recovery of gold nor a change of trend foreseen here at all. A double Tenkan-Kijun twist the second canceling the first one and a Lagging span which is parallel to the price .
The precious metal is still on the downside channel with 1220 as a resistance upside and 1080 on the downside as a target. This may continue until FED decide to increase the interest rate. At first, by increasing interest rate, USD with gain value against EUR and this will not favor XAUUSD. but on a medium term basis and with the genuine risk of inflation, XAUUSd may start gaining some value when FED's interest rate come at a stage where the increase it about 0.50 base point.
On the other hand, The next level of Gold may be 1180, 1138, 1100, 1080, 1060 and 1040. On the downside. Bellow 1040, it is rather dangerous because the precious metal may slip towards 960.
On the upside, unless XAUUSd cross 1280, the upside should be limited to 1256 and one should consider a reversal if the precious metal cross 1280.
On the Ichimoku side of the story, there is no recovery of gold nor a change of trend foreseen here at all. A double Tenkan-Kijun twist the second canceling the first one and a Lagging span which is parallel to the price .
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