As_Is_Here

IS ABOUT TIME FOR GOLD TO TAKE A DECISION...

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold ( XAU ) price keeps its stability below 1208.40 level, to keep the bearish trend active in the upcoming period, which targets 1190.00 followed by 1180.00 levels initially, noting that breaching 1208.40 will push the price to achieve gains that start at 1220.00.
Gold is largely trapped in a $1,190–$1,210 range since the last week of August and is struggling to find acceptance above 50-day moving average (MA) today.
As of writing, XAU is changing hands at $1,207, having faced rejection at the 50-day EMA of 1212-1213 level.
As a result, a break above that level will likely embolden the bulls.
That said, only a break above $1,212 would signal a revival of the rally from the Aug. 16 low of $1,160, the technical chart indicates.

Daily chart
Over on the daily chart , the metal has charted an ascending triangle pattern. A break above $1,212 (top end of the triangle) would open up upside towards the trendline trending south from the Apr . 11 high and June 14 high.
At press time, the trendline hurdle is located at $1,230. Acceptance above that level would mean the five-month-long bear market has ended at $1,160.

On the downside, $1,184 (lower end of the triangle) is the level to beat for the bears.

However, markets seem to have taken heart from China's measured and watered-down response to the US imports. Hence, the USD – gold's biggest enemy – could remain on the defensive in the near-term, helping the yellow metal climb the flag resistance of $1,212.

TECHNICALS OBSERVATIONS
1.We can see the Ichimoku Clouds resistance is still untouched which indicates that we are still in bearish momentum.
2.We can also notice the descending 50 DAY EMA which coincides with the top line of the ascending triangle pattern.
3.We can also see that if we copy the red trend line as a target to the upside is coincides with previous important levels that price respected at the past.
4.We can also see that if we take the Fibonacci retracements form the beggining of the downtrend as our oscillator is showing through the red colour of the candles,estimated target and previous price important levels are perfectly matched with the 50% and 61,8% Fibonacci retracements levels.
5. Ema strategy used is showing us that the daily trend maybe is trying to change to bullish .

POSSIBLE TRADES

LONG TRADE ENTRY AT 1215$ LEVEL
STOP LOSS AT 1994$ LEVEL
FIRST TARGET AT 1242$ LEVEL
SECOND TARGET AT 1265$ LEVEL

SHORT TRADE
ENTRY AT 1990$ LEVEL
BUY STOP AT 1208$ LEVEL
FIRST TARGET AT 1160$ LEVEL

THANKS FOR SUPPORT!!
PLEASE LEAVE A COMMENT,YOUR OPINION OR EVEN A QUESTION!
KEEP FOLLOWING FOR MORE PROFITS!!
Comment: As we can see we have a price that's fully respecting the Ichimoku Clouds so we can take this last move as a false breakout to the downside or a re-test to the ascending trendline of the triangle and an opportunity to short gold to the 1180$,1177$ and 1170$ levels.
Trade closed: target reached
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