XAUUSD: Daily Chart In Down-Trend: Mirrors GDX Action
Here are ONE DOZEN negatives I see in-XAUUSD, and why I feel-Gold is a sell:
1. Sell Fractal in effect (red rectangle on chart).
2. Alligator jaws CLOSED in tandem with sell Fractal. Alligator NOT feeding. NO TREND YET, BUT DOWN BIAS.
3. Chop indicator (under chart) is above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is heading LOWER. The action is below the zero line. Decidedly bearish.
5. Momentum (middle top indicator) is the 5/34 measure, and this is bearish action and is heading lower. Histogram within is also under zero line.
6. Prices are trading INSIDE the Ichimoku Cloud .
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. RSI/ Stochastic (top) is heading lower after a bearish cross.
My comments: very bearish signs. The sell signals are only moderately strong because CHOP is NOT BELOW the shaded area.
Decision: do not go long-XAUUSD. Good luck to you. Don.
1. Sell Fractal in effect (red rectangle on chart).
2. Alligator jaws CLOSED in tandem with sell Fractal. Alligator NOT feeding. NO TREND YET, BUT DOWN BIAS.
3. Chop indicator (under chart) is above the 38.2 shaded area. This indicates a ZERO trend and, at best, sloppy action with a downward bias.
4. Phase energy (lower top indicator) is heading LOWER. The action is below the zero line. Decidedly bearish.
5. Momentum (middle top indicator) is the 5/34 measure, and this is bearish action and is heading lower. Histogram within is also under zero line.
6. Prices are trading INSIDE the Ichimoku Cloud .
8. Prices are trading below the Ki jun-Sen baseline of the Ichimoku Cloud . This is a sell signal.
9. Prices are trading below the thick red Ichimoku Cloud conversion line. This is a sell signal.
9. The red Ichimoku Cloud conversion line direction is heading lower. This is a sell signal.
10. The Ki jun-Sen baseline of the Ichimoku Cloud direction is heading lower. This is a sell signal.
11. The CHOP ZONE indicator (under chart) is red, indicating a down trend.
12. RSI/ Stochastic (top) is heading lower after a bearish cross.
My comments: very bearish signs. The sell signals are only moderately strong because CHOP is NOT BELOW the shaded area.
Decision: do not go long-XAUUSD. Good luck to you. Don.
