I don't want to go into ZH-like conspiracy theories about paper gold and physical gold , about certain banks' derivative role and exposure... as finally the only thing that matter is the technical picture.
- The trend is until price is below 1155... uh, pretty close. And extremely important as this is a multi-year long term trendline! Above that there is one more important key area: 1185-1200. In terms of %, that is not too far away either.
- picture is until price trades below Kijun Sen and Kumo. Above Kijun but below Kumo it would be neutral, above Kumo it would be strategic again.
- Last week Heikin Ashi signal was , let's see what this week brings us. (too early to decide on Monday)
- setup is turning , what's more it looks like a .... Kumo breakout? break? It will be clear only if Bulls take control and Price breaks above 1155-1160.
- Due to heavy fight between bulls and bears, Heikin Ashi lost its obvious bias today. However I would hold original longs, until Gold trades above 1110-1120.
1110 - 1155 range is too tight. It can not stay like this for too long, it will be decided soon.