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

FX:XAUUSD   Gold / 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.
This is an Idea from Robert24. What do you think? 1283 possible? If not what would be a healthy entry point?

interesting your analyse, you are on right move on my mind...., thanks for it
+1 Reply
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.
XAUUSD: Keeping the pattern of previous analysis.
+1 Reply Pashabxl
Thank you sir. I was looking forward to short in the case of return of the market.
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