Gold - A dip comes, which will likely be a good buying opp.
There are lot of interesting prints on this chart, and I can say it is pretty easy to read now.
Daily: The flat Kumo top attracted the price up and also proved to be a good resistance for the bullish move. After printing two daily dojis, price started to decline, Slow Stoch and MACD had been warning us also for last few days that a correction is ahead from the 1330 resistance level. After Slow Stoch, today MACD will likely give a sell signal too. You may think it will become bearish again. Well, for few more days it may be. But look where is the price now compared to the Kumo Cloud! That's right, it has moved out on the side, and trading above the Kumo. This we can not call a bullish break yet. Also Kijun Sen is still in/at the Kumo, and despite Chikou Span (blue lagging line) is above price candles (which means a bullish bias), it is still in the past Cloud and points a bit down again.
Most likely Gold will show a correction down to the daily Kumo and Kijun Sen, so with a good chance to ard 1285 - 1295. I think that level will be a good buy opportunity for the long term, but of course we will have to re-evaluate the Ichimoku components and the other indicators set ups before starting to enter a strategic long position.
For now I would not sell any piece of my strategic longs. By the 4 Hrs chart is still not yet in real counter trend mode. What I would do is to maybe write some covered calls at 1340 strike, but only for 1 week. (some minor premium pickup.)
I have a feeling that Gold will become really bullish later this year. Any time it breaks above 1330 and later above the red downtrend line, the third major wave in the ABCD pattern will blow it up to 1480.
p.s.: of course anyone can play as a bear in short term, but for me it looks like the juice will come from the bullish side.
Daily: The flat Kumo top attracted the price up and also proved to be a good resistance for the bullish move. After printing two daily dojis, price started to decline, Slow Stoch and MACD had been warning us also for last few days that a correction is ahead from the 1330 resistance level. After Slow Stoch, today MACD will likely give a sell signal too. You may think it will become bearish again. Well, for few more days it may be. But look where is the price now compared to the Kumo Cloud! That's right, it has moved out on the side, and trading above the Kumo. This we can not call a bullish break yet. Also Kijun Sen is still in/at the Kumo, and despite Chikou Span (blue lagging line) is above price candles (which means a bullish bias), it is still in the past Cloud and points a bit down again.
Most likely Gold will show a correction down to the daily Kumo and Kijun Sen, so with a good chance to ard 1285 - 1295. I think that level will be a good buy opportunity for the long term, but of course we will have to re-evaluate the Ichimoku components and the other indicators set ups before starting to enter a strategic long position.
For now I would not sell any piece of my strategic longs. By the 4 Hrs chart is still not yet in real counter trend mode. What I would do is to maybe write some covered calls at 1340 strike, but only for 1 week. (some minor premium pickup.)
I have a feeling that Gold will become really bullish later this year. Any time it breaks above 1330 and later above the red downtrend line, the third major wave in the ABCD pattern will blow it up to 1480.
p.s.: of course anyone can play as a bear in short term, but for me it looks like the juice will come from the bullish side.
