Krach
Short

Gold - Trendline & Kumo Failed Breakout

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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The Gold/USD price has shortly exited the 1 day kumo cloud and has started to head down and is currently below the Tenkan - Sen (red). A high of around 1141 was tested and since then the price consolidated and was unable to make new highs and have a strong breakout of the kumo or the trendline . The RSI was at similar levels when the price peaked at 1228 and 1205 . A test of the 1120$ area where the 1 Day conversion line (blue) is likely. If there is a kumo breakout to the downside and the Chiko (lag , grey) is under the past price then a test of the 1080$ area is possible. SL area 1142.5 which would be a break of the kumo and trendline . Trade at your own risk.

Disclaimer: Trade ideas posted are only my journal, not a recommendation to buy or sell
Update: There was a Kumo breakout to the upside on NYC open, if this holds for the day then this could be the start of a reversal.
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How do you get your clouds to display as red and green?
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Krach johnmknox
Go to the public library and find "Chris Moody Enhanced Cloud" . I have adjusted the colours a little but that is it.
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Update: Asia session on 24.09 failed to break 1140 but is above the Tenkan-Sen NYC Open should show us if we break out clearly over 1140 area or if there is a second failed kumo breakout. On the topside targets would be 1142 and then a test of 1205 could come into play. On the downside 1125, 1100 and a test of 1080 could come into play.
Disclaimer: Trade ideas posted are only my journal, not a recommendation to buy or sell
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