Kumowizard

1155 - make it or break it

FX:XAUUSD   Gold/U.S. Dollar
278 1 8
Spiked up nicely, but ard 1150+ Bulls, Bears, The Illuminati, The Freemasons and everybody how trades, invest, manipulates in Gold             realised how important this level have become.

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.

Weekly:
- The trend is bearish until price is below 1155... uh, pretty close. And extremely important as this is a multi-year long term bearish trendline! Above that there is one more important key area: 1185-1200. In terms of %, that is not too far away either.
- Ichimoku picture is bearish until price trades below Kijun Sen and Kumo. Above Kijun but below Kumo it would be neutral, above Kumo it would be strategic bullish again.
- Last week Heikin Ashi signal was bullish , let's see what this week brings us. (too early to decide on Monday)

Daily:
- Ichimoku setup is turning bullish , what's more it looks like a .... Bullish Kumo breakout? Trendline 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 bullish 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.
bilk29
a year ago
Thank you,
Reply
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