GOLD price came to breakout but on open D1 bar only : Chinkou Span line crossed the price on Friday and it should be confirmed on Monday by open D1 bar. If the price will cross 1248.34 resistance (D1 timeframe) so we may see market rally within rpimary bearish. And if the price will cross the border of Ichimoku cloud/kumo (Sinkou Span A line) so it will be fully reveral of the price movement from bearish to primary bullish, and we will see the ranging market condition (bullish but ranging) because the price will be inside kumo.
Exact same situation we may see on W1 timeframe but we need few more week to be sure about rally to be started (good to open sell position for example).
Intra-day situation: Chinkou Span line crossed the price on close bar so we hope that this breakout will be continuing for the next week, especially if the price will break 1248.86 resistance which may be good signal to open buy trade.
the price will cross 1248.86 resistance so the rally may be started (good to open buy trade). If not so we will have the ranging market condition with flat within primary bearish (D1 timeframe), and the price will be floating between Sinkou Span A line (resistance) and 1214.24 support level.
Recommendation for long: watch the price for breaking 1248.86 resistance for possible long
to go short: n/a
Trading Summary: rally
UPCOMING EVENTS (high/medium impacted news events which may be affected on XAUUSD price movement for this coming week)
2014-01-14 09:30 GMT (or 10:30 MQ MT5 time) | [GBP – CPI]
2014-01-16 10:00 GMT (or 11:00 MQ MT5 time) | [EUR – CPI]
2014-01-16 13:30 GMT (or 14:30 MQ MT5 time) | [USD – CPI]
Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on XAUUSD price movement
SUMMARY : rally
TREND : bearish
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