- setup is . Price is above Kumo and 100WMA, Tenkan is also above Kumo. We need one more strategic confirmation: Chikou Span to cross above past Kumo. This will happen in case spot price moves above 1235 again.
- Sine Dec/2012 this is the first time EWO moved to stable territory.
- Heikin-Ashi candles and haDelta show that the noise filterred price action is in fact a pull back only. Watch weekly haDelta! It started to bottom out slightly below zero. haDelta will signal the counter momentum loss and possible start of next wave in time.
- Supports: Tenkan - 1203 / Spot Kumo - 1185 / Kijun, 100WMA and forward Senkou B - 1168
If you look back in time, you will realise that whenever Gold made a reversal and a break above weekly Kumo and especially above 100WMA, it stayed above these long term averages for very long time: that means we have to assume the same this time, until Price is above Kumo and 100WMA, we have to consider the long term strategic setup and trend as .
From now on, you can use the lower daily time frame to get more precise entry and exit signals. Whenever the daily coincide with the weekly, the two time frames swill strengthen each other, and odds will be in your favour. How does it look right now?
- setup moved a bit to neutral from strong Bullish: weak Tenkan/Kijun cross, and Price is below Kijun. Kumo also shades Price ahead. However not until Price holds above 1185. The upper Key level for continuation is clearly at 1244. A close above Kijun and forward Senkou A would accelerate buying again.
- EWO is down to zero: neutral, no trend wave
- Heikin-Ashi has slight bias, but in fact candle colours have been changing often recently and also haDelta just hovering around zero. I rather see it as indecision: Bears don't like selling here, Bulls are not very comfortable with buying either.
All in all the daily time frame is a big neutral noise, let's call it a consolidation period.
What startegy should we follow? Buy. Buy either if you see a signal at above mentionned supports (1185-1205 should act as strong one), or buy if you see momentum, a price close above 1144.
That's it. Looks pretty simple to me.