TechnoMeter

H4 price was on the primary bullish market condition with the secondary breakout: intra-day price broke resistance levels and it was stopped by 1128.05 key resistance on the way to the bullish breakout to be continuing. The price is started to be ranging within 1128.05 resistance and 1108.31 in the primary bullish area of the chart. Chinkou Span line of Ichimoku indicator is located to be above the price for the ranging bullish condition by direction, and Absolute Strength indicator is estimating the ranging condition to be continuing.

• "Risk aversion is increasing mightily across the global spectrum, and Central Banks have begun to sing that same familiar tune of ‘looser for longer.’ This, combined with the prospect of the Federal Reserve backing down from their expectation to hike rates four times in 2016 has helped to provide a surge in Gold prices as the Dollar sells off and few other currencies look attractive for flows to trickle in to. After all, this was really the impetus behind that magnanimous run that we saw from 2008-2011, right? TARP and then QE was triggered at full-steam and this only increased the expectations for inflation down-the-road. But that inflation never came, and more and more QE was poured into markets and Gold prices dove as more QE just served to disconnect asset prices from actual economic data even further than it already was."
• "Gold is surging right now. The Daily chart is showing higher-highs and higher-lows, and higher-highs are even beginning to become evident on the weekly chart, so we may be in for some prolonged top-side rip in Gold prices. The difficulty in setting up the long side is just like we saw on that last setup, the swings are likely to be wild here. Tight stops beware, because simple whip can trigger you out of a position that otherwise could’ve worked out beautifully. So we must take this into account in our analysis: The environment always dictates application of approach, not the other way around."

If H4 price will break 1128.05 resistance level on close bar so the primary bullish trend will be continuing.
If H4 price will break 1108.31 support level on close bar so the bearish reversal will be started with the secondary ranging: the price will be located inside Ichimoku cloud.
If not so the price will be ranging within the levels.

• Recommendation for long: watch close H4 price to break 1128.05 for possible buy trade
• Recommendation to go short: watch H4 price to break 1108.31 support level for possible sell trade
• Trading Summary: ranging

Resistance	Support
1128.05	1108.31
N/A	1094.02

SUMMARY : bullish

TREND : ranging

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