Bulls were targeting 1315 ahead of the Fed, which has been surpassed now, where it meets the trend-line prior support of the rising channel – 1313 was the 50% Fibo target which has now been conquered in this recent bout of demand post dovish Fed. On the next leg up, bulls need to get above 1321 as the 61.8% Fibo. However, prior to that, where the eclipse has marked on the 4HR chart, bulls have the ‘bar-brawl’ breakout band to conquer first, a potential bull trap between 1316 resistance, descending trendline resistance and then the 61.8% Fibo. Depending on one’s risk appetite, the Ichimoku Cloud’s bullish criteria could be a comfort as a filter by those wishing to engage in a long position immediately/or wait for a break of trendline resistances: Ichimoku long strategy: Price must close above the Cloud. Cloud ahead must be bullish (green). Conversion Line is greater than the base-line. Lagging Span is greater than or crosses above the cloud. On a break above the 61.8% Fibo, 1332 guards the 2019 highs as being the 19th Feb high of 1345.19. While 4HR Stochastics are neutral, there is still a risk that the Ichimoku Cloud bull strategy had already signalled that breakout overnight with the Laggin Span moving above the cloud on the Fed’s price action. Repeated failures at 1316 and/or failures within the eclipse and below the 61.8% Fibo will focus attention back to the downside. To the downside, a drop below 1310 will bring 1302 as a key level ahead of 1298, 1290 while 1280 is a keen target. Below there, 1275 remains the line in the sand to the downside, and a break below it will put the attention back to the towards to 1250, a key confluence area made up of Fibos and prior support and resistance. Gold daily and 4hr chart – Trendline, Ichimoku cloud, stochastics and Fibo analysis. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australian jobs data: Employment Change +4.6K (vs. expected +15K) but Unemployment Rate 4.9% – a beat vs expected 5.0% FX Street 4 years Bulls were targeting 1315 ahead of the Fed, which has been surpassed now, where it meets the trend-line prior support of the rising channel - 1313 was the 50% Fibo target which has now been conquered in this recent bout of demand post dovish Fed. On the next leg up, bulls need to get above 1321 as the 61.8% Fibo. However, prior to that, where the eclipse has marked on the 4HR chart, bulls have the 'bar-brawl' breakout band to conquer first, a potential bull trap between 1316 resistance, descending trendline resistance and then the 61.8% Fibo. Depending… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.