Kumowizard

Gold - Go neutral now after TP on longs.

FX:XAUUSD   Gold / U.S. Dollar
450 1 3
Please see the previous recommendation and follow up about Gold             Long trade via the link below.

Let's see what has changed, and why price is unable to move higher now.

Daily: The Kumo was and still is too thick. Normally it is very difficult for any instruments to trade out of the Kumo in cases like this. After not fully testing Kijun Sen (which was my original price target at 1335 for the prev. long position) Price is back into the Kumo, with Slow Stoch giving a bearish signal. ADX is very low, DMI lines could not get wider from each other. All in all it means a wide range consolidation is likely ahead, with no real trend to pick up.

4 Hrs: Previous good behaviour disappeared. price broke agressively below Kijun Sen, and DMI crossed bearish .

I think the best strategies are:
1. for trend traders to leave it alone for a while.
2. for swing traders, or for those who like to trade ranges, follow 4 Hrs             Slow Stoch signals and/or 1 Hr             chart Ichimoku trade signals. Looks like price will be a bit choppy and sideaway in 1295 - 1330 range.

There is of course some chance that we may see a bearish attack to 1280, but the probability of success for bears to reach that tgt             is very small if we take into consideration the following supportive elemnts: Daily Future Kumo is bullish now and points up. Daily Tenkan Sen points up. MACD is bullish . Trendline support is at 1295 within the Kumo.

So next Long attempt can be 1295-1300, if you follow the No.2. strategy.

May you have any questions or would you like to comment, please feel free!

Good luck!
The move was quicker than I expected. Immediately reached the trend line with even spiking below it. Be very cautious with catching the falling knife! This China announcement will put pressure on it.
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