Kumowizard

Gold - correction might happen to 1295-1300 (or 1273)

FX:XAUUSD   Gold/U.S. Dollar
302 2 1
Gold             had a nice bullish run this year. From these levels I expect consolidation and some correction based on the followings. Daily: Slow Stoch turns down, MACD is about to cross down (not yet valid) / 4 Hrs: Weak Tenkan/Kijun bearish cross (happened above the cloud), Price is entering the cloud, Chikou span is coming below the price, Future Kumo started to point down, might cross down as well within a few days. All these together suggests the best days for bulls are over for some time, most likely gold             will minimum move sideaway, or show correction down to 1295-1300 area. This shd be a good support. If it dips below, the next and the MOST important level is 1273. Can you tell me what is the problem with reading the charts between 1295 and 1273 (I mean in case we break below 1295)? .... The answer is simple: Daily time frame will be still bullish , while 4 Hrs will give a bearish setup. That's why I always use multiple time frame analyses. This is one of the biggest power of Ichimoku Kinko Hyo, that it is structured in a very simple way, and its indicators are somehow always in conjunction with each other on different time frames. I always consider the higher time frame as stronger and major. Until 1275 I doubt the daily would give any bearish signals. Still you can try to short it as a counter trend trade based on a 4 Hrs breakout, but you have to be very smart when to enter the trade exactly, to be able to take a minimum 1:3 risk-reward ratio, with keeping in mind the really strong 1275 level as possible tgt             . Anyway, according to my trading strategy and plan, at this point I do not see any reason to go short, but I had the signal for a partial profit taking on longs. In case bullish momentum suddenly comes back, re-enter longs at break of recent high.
osci
2 years ago
due to the ukrain Troubles i do expect Gold a save haven and therefore no consolidation
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