Gold - Trendline & Kumo Failed Breakout

21. Sept. 2015

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