Gold - Not looking so bullish now. Total neutral on daily chart.
I was bullish for gold with long positions based on 4 Hrs and 1 Hr breakout on 7/Aug. By now I cut longs with minor profit.
Daily: Despite I was really hopeful, what started to worry me was the price action with three pin bar refusal at Kijun Sen. Price couldn't close above 1312, not even for one day. Gold couldn't get further bullish momentum, as I wrote before it should have crossed Kijun Sen for that. Friday Price sharply declined back t the CLoud, actually touching even the bottom of the Kumo. Only Ukraine tension "saved" the day with some short covering.
Now the picture is completely neutral. Ichimoku setup is neutral on daily: Price, Tenkan and Kijun all in Kumo, Chikou Span is hitting Price candles. Slow Stoch and MACD are rather bearish, but these indicators give little to no indication for possible furture direction now.
4 Hrs: Trading at/below the Kumo, with bearish DMI-ADX setup. Based on 4 Hrs chart I'd rather sell than buy Gold now. Or would do nothing, as the Daily time frame is neutral,
Levels are obvious: Lower support is the Kumo and the small trend line at 1292. A break below would bring a bigger selloff in Gold. Upper resistance is at Kijun Sen and Kumo top, so ard 1312. It has to be cleared to gain further bullish momentum. In between the two it is not recommended to do anything, unles trying to buy the bottom if momentum indicators are oversold, using a very tight stop and keeping eyes open for a possible bearish reversal and short opportunity below 1290.
Daily: Despite I was really hopeful, what started to worry me was the price action with three pin bar refusal at Kijun Sen. Price couldn't close above 1312, not even for one day. Gold couldn't get further bullish momentum, as I wrote before it should have crossed Kijun Sen for that. Friday Price sharply declined back t the CLoud, actually touching even the bottom of the Kumo. Only Ukraine tension "saved" the day with some short covering.
Now the picture is completely neutral. Ichimoku setup is neutral on daily: Price, Tenkan and Kijun all in Kumo, Chikou Span is hitting Price candles. Slow Stoch and MACD are rather bearish, but these indicators give little to no indication for possible furture direction now.
4 Hrs: Trading at/below the Kumo, with bearish DMI-ADX setup. Based on 4 Hrs chart I'd rather sell than buy Gold now. Or would do nothing, as the Daily time frame is neutral,
Levels are obvious: Lower support is the Kumo and the small trend line at 1292. A break below would bring a bigger selloff in Gold. Upper resistance is at Kijun Sen and Kumo top, so ard 1312. It has to be cleared to gain further bullish momentum. In between the two it is not recommended to do anything, unles trying to buy the bottom if momentum indicators are oversold, using a very tight stop and keeping eyes open for a possible bearish reversal and short opportunity below 1290.
