This is the big picture of XAUUSD based on a monthly chart and Ichimoku indicators.
There isn't yet any sign of a reversal trend on the upside. TO the contrary three of the 4 basic Ichimoku signal are confirming the downside move.
The bottom of the Kumo Cloud is behaving as a resistance level.
Based on Indicators such as Stoch, there might be a little room on the upside for the price, but this move should not exceed 1330-1350.
Ichimoku is a very nice study because you can foersee a future trend until 26 period after your present time. Although I have indicated that the Kumo twist is at the 26th period, the real timing might be 21 or 22. But I didn't calculate it precisely in order to keep clean the chart.
To summarize, the target remain 1180 and even bellow that level and there is no change in the reversal process of Gold since 1616. we are at half way about 1313 and the target remain 1180.
There isn't yet any sign of a reversal trend on the upside. TO the contrary three of the 4 basic Ichimoku signal are confirming the downside move.
The bottom of the Kumo Cloud is behaving as a resistance level.
Based on Indicators such as Stoch, there might be a little room on the upside for the price, but this move should not exceed 1330-1350.
Ichimoku is a very nice study because you can foersee a future trend until 26 period after your present time. Although I have indicated that the Kumo twist is at the 26th period, the real timing might be 21 or 22. But I didn't calculate it precisely in order to keep clean the chart.
To summarize, the target remain 1180 and even bellow that level and there is no change in the reversal process of Gold since 1616. we are at half way about 1313 and the target remain 1180.
