Kumowizard

Gold - Breaking on the upside?

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
6
Few more signals emerged since my last post ( pls see link below), which suggest Gold finally may finish consolidation and reverse to bullish . Still a question if it breaks the shorter term bearish trend channel ard 1220, but the probability for that is increasing.

Daily:
- After resisting the lower key level at 1170 with a Hammer three days ago, Price is breaking above the Kumo and testing again the upper horizontal line
- Medium strong Tenkan/Kijun bullish cross
- Bullish Senkou A/B cross (Future Kumo twist)
- Bullish MACD cross with positive divergence
- DMI bullish cross, but ADX is still very low, needs confirmation

The real test is 1220 at bearish trend channel. However it looks like Gold may become a medium term strategic long soon, thus a buy on dips strategy is recommended to follow.

4 Hrs:
- Bullish Kumo breakout with higher high + Chikou Span confirmation with moving above Kumo
- Meadium strong Tenkan/Kijun bullish cross
- DMI bullish cross, but ADX is still very low, needs to come higher to confirm the trend reversal
- Slow Stoch is overbought, so we may see some pause ard 1215-1220 and a pull back from there. In this case either 1195-1200 will likely be a good retracement area to enter long, or if Price can not come as low, then simply buy with next Slow Stoch bullish signal.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.