XAUUSD H1: The Ichimoku Forecast for the Asian Session on 3.12.2024
03.12.2024 00:16
Technical
One of the most important signals in the Ichimoku indicator is the intersection of the Tenkan and Kijun lines. On the current XAUUSD chart, this signal is marked with a pink square. Subsequent developments led to a decrease in the price for the Tenkan line. The upward momentum, that was initially suggested as an intersection, did not materialize. Instead, the price showed weakness and was unable to maintain its positions.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph . The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The price is below the Tenkan and Kijun lines that did not manage to react to the change in the market situation.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
The dynamic support level is on the Kijun line, around the 2642.010 mark.
Dynamic resistance levels are on the Tenkan line, around the 2642.560, the SenkouA line, at the 2654.148, and the SenkouB line, near the 2643.545.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph . The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The price is below the Tenkan and Kijun lines that did not manage to react to the change in the market situation.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
The dynamic support level is on the Kijun line, around the 2642.010 mark.
Dynamic resistance levels are on the Tenkan line, around the 2642.560, the SenkouA line, at the 2654.148, and the SenkouB line, near the 2643.545.