Kumowizard

Gold - Pull back time?

FX:XAUUSD   Gold / U.S. Dollar
476 0 6
Daily:
- Setup is bearish and will remain bearish until Price is below 1200-1225
- There is some chance we see wave 4 soon, which means a pull back to 1180-1200. Heikin Ashi candle has small body, covered by previous candle and haDelta more above SMA3. Price also looks a bit oversold as got far below Kijun Sen.

4H:
- Heikin Ashi setup turns short term counter bullish .
- ADX reached very high level. Normally we see some correction after extreme highs printed in ADX .
- Chance for a short term pull back to 1180 - 1195 bearish supports is increasing.

If you take this Long trade, make it only in small as it is still against the major trend. The whole move will depend on general USD correction.
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