XAUUSD H1: The Ichimoku Forecast for the American Session on 3.12.2024

One of the most important signals in the Ichimoku indicator is the intersection of the Tenkan and Kijun lines. On the current XAUUSD chart, this signal is marked with a pink square. Subsequent developments led to a decrease in the price for the Tenkan line. The upward momentum, that was initially suggested as an intersection, did not materialize. Instead, the price showed weakness and was unable to maintain its positions.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph . The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The price is below the Tenkan and Kijun lines that did not manage to react to the change in the market situation.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
Trading takes place inside the cloud, which is a sign of a market instability. Cloud boundaries act as support and resistance levels for price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:

Dynamic support levels are on the Kijun line, near the 2642.435, and the SenkouA line, at the 2637.253 level.
Dynamic resistance levels are on the Tenkan line, around the 2643.510. and the SenkouB line, around the 2643.545.