Picture is not bullish any more, but short term supp/res reached

FX:XAUUSD   Gold/U.S. Dollar
121 0 5
- Ichimoku setup is neutral, with bearish bias
- Massive breakdown below Kijun, then below 100WMA. Bullish chances are completely lost.
- EWO turns slightly bearish .
- Price reached 1215-1220 strong support resistance, where as you see market got a bit oversold short term. haDelta has reached an extreme low. Bears have to be careful here. We may see some consolidation or a pull back towards 1235-1240. There I'd get out of any longs, and maybe would even try to catch next sell signal.
- Next stronger supp/res level is ard 1175+, which is also important bullish support on the weekly chart (not shown here this time)

- Bearish Ichimoku setup.
- Heikin-Ashi is bearish , but we can see some positive divergence in haDelta --> mkt is very oversold short term.
- EWO is strong bearish . Maybe a bit too low --> correction is possible.

Conclusion for now: be patient!

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