Gold - I see some chance for a counter trend long
Daily: Ichimoku setup is still strategic bearish, but we can see some signs of possible short covering during last few days. Slow Stoch started to move up, MACD is about to give a buy signal too, while intraday volatility in Gold really picked up. In last few days the lower key level was 1212, Prie refused it a couple of times, while the upper key level seems to be ard 1225, where the sellers come in.
4 Hrs: Onthis lower time frame we can have more detailed observation. Price is still below/at the Kumo, but look how thin the Kumo has become! In case it would not be difficult to break through. Chikou Span has hit Price candles, and been swinging ard it. Tenkan/Kijun is weak bullish, all Ichimoku lines are flat. This is clearly a consolidation period.
The question is wether what we see here is a short term double bottom? If yes, then with next break above 1225, some form of counter trend will start. Frist bullish corrective tgt is 1240, the higher key levels are 1252 and 1265.
1 Hr: Still neutral, but the bias is bullish so far. Bullish entry trigger above 1222, confirmation above 1225. Stop has to be placed not lower than 1212.
Watch the two lower time frames for a counter long entry. Also watch USD, if that starts to show any sign of a correction finally, then likely some bullish Gold move will follow it as a proxy.
p.s.: I closed all my shorts, pls see the post linked below. Now it is time to start looking at a possible swing trade, then probably re-enter shorts later.
4 Hrs: Onthis lower time frame we can have more detailed observation. Price is still below/at the Kumo, but look how thin the Kumo has become! In case it would not be difficult to break through. Chikou Span has hit Price candles, and been swinging ard it. Tenkan/Kijun is weak bullish, all Ichimoku lines are flat. This is clearly a consolidation period.
The question is wether what we see here is a short term double bottom? If yes, then with next break above 1225, some form of counter trend will start. Frist bullish corrective tgt is 1240, the higher key levels are 1252 and 1265.
1 Hr: Still neutral, but the bias is bullish so far. Bullish entry trigger above 1222, confirmation above 1225. Stop has to be placed not lower than 1212.
Watch the two lower time frames for a counter long entry. Also watch USD, if that starts to show any sign of a correction finally, then likely some bullish Gold move will follow it as a proxy.
p.s.: I closed all my shorts, pls see the post linked below. Now it is time to start looking at a possible swing trade, then probably re-enter shorts later.
