XAUUSD: We are at an overbought level. Correction may start

FX:XAUUSD   Gold Spot / U.S. Dollar
You are very able to read my previous analysis concerning gold             . At 1240 I was saying that there was a little room for a upside move towards 1280 but that the general trend is still on the down side. I do maintain my view that on a long term basis, Gold             may see clearly 1180 and even bellow before switching to a long term strategy. With the increase of inflation in the US and the UK, we may see again a certain appetite for XAUUSD             . But we are not there yet.
Having said that, at this very moment we are rather in a situation where we are facing an overbought level for Gold             on either 1H and 4H. Therefore a correction may be very much on the agenda.
Dear Ali, you will see in the chart bellow an Ichimoku chart about Gold. The trend is very clear. If you wish to go long, I think that you are already too late, because Gold may go up towards 1280 and even 1303. But I don't think that there is a room for a further upside.
You could have entered long at 1240, but now it is too late.
Baring in mind the level of the indicators, 1280-1285 may be a good level to enter the market, but of course you should choose the right direction, the good timing and have an eye on indicators such as MACD, Stoch William%R and CCI. Best.
+1 Reply Pashabxl
Thank you sir. I was looking forward to short in the case of return of the market.
interesting your analyse, you are on right move on my mind...., thanks for it
+1 Reply
This is an Idea from Robert24. What do you think? 1283 possible? If not what would be a healthy entry point?

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