Forex Trade Signals and Setups Nov. 10th
XAUUSD – Gold Rejects off of Kumo
Since the 25th of October, Gold has spent the entire time above the 4hr Ichimoku Kumo as it rose from $1650 – $1800. However, the metal has been looking heavy as of late shedding $150 from the highs while spending the most amount of time below the Kijun since being above the cloud.
After the $50 sell-off over the last two days, price has rejected strongly off the Kumo suggesting there is still some support. However, there is a Kumo Window directly ahead which could be the kink in the armor for this uptrend. Kumo Windows are the weakest points in the Kumo and thus represent the greatest chance for price action to break and reverse through the cloud so if this is going to breakdown, the most likely time is now.
Should the shiny metal break through the Kumo, watch for the upcoming flat bottom to reject pullbacks giving possible entries to place any shorts.
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