Kumowizard
Long

Gold - Another try for long

FX:XAUUSD   Gold/U.S. Dollar
354 5 5
Daily:
- Ichimoku setup looks more bearish with Price below the Kumo, but the possible bearish Kumo break can not be valid, until Price action confirms, so until Price doesn't print a lower low. This also means that for bearish confirmation Chikou Span should break below past Kumo too. The ultimately important uptrend line still holds.
- MACD gives a buy signal
- Heikin Ashi candle today signals hesitation or possible short term bullish move again. haDelta seems to be crossing up, but it is still below zero line

4H:
- Ichimoku setup is rather neutral
- Heikin Ashi is mixed a bit but the signal can turn short term bullish
- All together a confirmed buy signal would come with a break and close above 1210 (Kumo and Kijun Sen). Chikou cross above Price and later above Kumo would give further confirmation.

Now probability for short term higher prices is increasing, but there are still a lot of open questions left (will it really happen, if yes, how high the tgt             can be, etc?)
If I had to chose, I'd still buy it here rather than sell. So maybe try to buy small again and keep our eyes open!
Due to dollar strength this long Gold idea may not work. Less likely again to break above that critical 1210, as Heikin Ashi signals are bearish on both time frames
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Justiceisfalse Kumowizard
2 years ago
it tried yesterday again and failed miserably at 1208. Every rally it puts on intraday is being sold off although with less strength as we move forward.
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Kumowizard PRO Justiceisfalse
2 years ago
Yes, Gold price action is weak. Not surprising due to this USD buying. I had small long from 1202, I was about to increase on close above 1212, but as it was sold down from 1209 I did not do the next chunk. The small long will be cut on a close below 1190.
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Kumowizard PRO Kumowizard
2 years ago
By the way you can see the same dilemma on 10Y UST chart. Strong dollar put pressure on all. Except one thing which is also miserably annoying: SP500. Strong USD, rate hike expectations, etc. Is it so good for equities? And as you see, still no pull back!
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Justiceisfalse Kumowizard
2 years ago
Yes the ZN and AB have been highly correlated to GC - been watching that too. At this point, I think the ES is going to keep pushing. There is so much liquidity being dumped in there that the constant bid will remain.
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