A lower high after a lower low - #Gold may come under pressure
Gold may face further profit taking and short term selling pressure, unless bulls make a quick, decisive and sustainable break above 1275 key resistance (marked by major daily downtrendline).
Daily:
- While price is slightly above Kumo, the averages (Tenkan and Kijun) are still at/below the cloud. Forward Kumo also undecided, rather flat.
- After a lower low, price retested the major downtrend line and the previously broken minor uptrend line. If it can't get higher on a new bullish wave, then it will confirm a lower high -> lower highs and lower lows = downtrend
- Heikin-Ashi shows indecision, with one more chance for a small spike signalled by haOscillator. Watch haOscillator at its mid line next!
- EWO is bullish
- MACD shows signs of bullish exhaustion and more consolidation ahead
4H:
- Ichimoku setup is back to neutral.
- Short term initial bearish signal: Price below Kijun Sen and EWO is red. If price can't get back above 1265, then on next Heikin-Ashi sell signal it may break below the Kumo, which would be a short term bearish confirmation. In that case selling pressure would accelerate.
Strategy:
Get ready for short by next 4H sell signal! If enterred, place initial stop at (or slightly below) 1270, hold position to 1240 first and 1200 second targets.
Daily:
- While price is slightly above Kumo, the averages (Tenkan and Kijun) are still at/below the cloud. Forward Kumo also undecided, rather flat.
- After a lower low, price retested the major downtrend line and the previously broken minor uptrend line. If it can't get higher on a new bullish wave, then it will confirm a lower high -> lower highs and lower lows = downtrend
- Heikin-Ashi shows indecision, with one more chance for a small spike signalled by haOscillator. Watch haOscillator at its mid line next!
- EWO is bullish
- MACD shows signs of bullish exhaustion and more consolidation ahead
4H:
- Ichimoku setup is back to neutral.
- Short term initial bearish signal: Price below Kijun Sen and EWO is red. If price can't get back above 1265, then on next Heikin-Ashi sell signal it may break below the Kumo, which would be a short term bearish confirmation. In that case selling pressure would accelerate.
Strategy:
Get ready for short by next 4H sell signal! If enterred, place initial stop at (or slightly below) 1270, hold position to 1240 first and 1200 second targets.