No matter how you look at it, everything favoring the bears is in the chart. you mention it, it will be there: indicators bearish divergence, YES. ADX bearish divergence, YES. MACD losing momentum, YES. Momentum indicators ( Stoch & Stoch RSI , in this case) are pointing down.
Unless.... a miracle happens today and daily can close on the green side, and followed by some momentum upwards in smaller tf (h1 & H4). because then, it will be double bottom again in the smaller tf charts.
Unless.... a miracle happens today and daily can close on the green side, and followed by some momentum upwards in smaller tf (h1 & H4). because then, it will be double bottom again in the smaller tf charts.
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Correcting the daily chart - notes to volume on the candles
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Gaps to fill?
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Few days away from an update. Let's do some checkpoint.
I just realised that 1 day after the reading of the FOMC minutes (circled yellow). Market has already warned a shift of appetite to red kitkat bars. A pity that human emotion / mental often hinders even the best inside us to balance the regret versus the faith about the our future outlook & what we can do with it.
ADX is showing bear has just picked up momentum, but not yet to cause a signifcant reading. within a few days, the reading would become much clearer as there is very little chance for gold to rebuild positive upward momentum without going through some period of accumulation and then pick up bullish momentum like what happened in April (especially after April NFP).
MACD histogram is easing a little and Stoch tilt around a little. It doesnt mean the downward momentum stops here, but i hope a breathe or a visit to some leftover gaps in GC1 daily chart gives some greetings before Yellen yells at the market heading to the beach for a long weekend holiday. That being said, there is a previous monthly low (1208.81) acting as a support. if that is breached, then in the monthly chart indicators we will also have a sign of weakening.
I just realised that 1 day after the reading of the FOMC minutes (circled yellow). Market has already warned a shift of appetite to red kitkat bars. A pity that human emotion / mental often hinders even the best inside us to balance the regret versus the faith about the our future outlook & what we can do with it.
ADX is showing bear has just picked up momentum, but not yet to cause a signifcant reading. within a few days, the reading would become much clearer as there is very little chance for gold to rebuild positive upward momentum without going through some period of accumulation and then pick up bullish momentum like what happened in April (especially after April NFP).
MACD histogram is easing a little and Stoch tilt around a little. It doesnt mean the downward momentum stops here, but i hope a breathe or a visit to some leftover gaps in GC1 daily chart gives some greetings before Yellen yells at the market heading to the beach for a long weekend holiday. That being said, there is a previous monthly low (1208.81) acting as a support. if that is breached, then in the monthly chart indicators we will also have a sign of weakening.
1244 seems to have provided a good support. if we look back to the left, holidng and/or break of 1244 gives turbo-speed to the momentum of resistance/support or break-out run.