Gold - Buy above 1210, Sell below 1188

FX:XAUUSD   Gold Spot / U.S. Dollar
289 6 4
In addition to my yesterday post (link below), let's see the details on the lower, 4H time frame.

- Price is in a range 1188 - 1210, and also trades within a tightenning triangle. Ichimoku setup is neutral: price is swinging around Kumo, Chikou Span is at past candles, all average lines stay together determining a short term equilibrium price of appr. 1201.
- DMI/ADX has no signal. Market is not trending short term.
- Heikin Ashi signal has some bullish bias now, but candles are changing too often. Picture is neutral
- levels to watch: upper side is 1210 / lower side is 1188.

It will be a firm buy above 1210 or a sell below 1188. Based on my yesterday analyses, I still have a feeling that the bullish bias is a little bit stronger and may end in an upside break. Anyhow, before the break happens, do not take too big bets!
Definitely has bids in the 1195-1200 range
With a break to upside, would you enter based on your H4 time frame, or you place a buy stop now with a wide stop loss?
Kumowizard PRO HamedAghajani
Honestly, I am already long 0,5 trade unit, and I have one more stop buy at 1210,5. Stop loss I placed at 1189. I would really size it up only above 1220.
+1 Reply
hello Kumo do u have a target on the breakout? I posted a weekly analysis and mentioned this looming breakouts in d making as well - glad to have another view on this - buying on 1210 1214 but cautious of 1224 1227 (200DMA)
Kumowizard PRO sugardaddyFED
Normally I do not predict any Price targets. IMHO no one is able to predict anything. After a break and reversal is better to follow the trend until you can. Also if you put on price tgts, then you will feel tempted to close a position when it reaches your target. Then if price goes more into your original direction, you'll feel frustration. So instead of targetting, use a trailing stop to protect your profit. It is impossible to pick the bottoms and tops anyway.
But as I wrote in the original post, and as you see it well too, at 1220 there is another resistance. Above that the "initial target" can be ard 1300.
+1 Reply
You just published exactly what I was thinking! Tightening triangle, break almost certainly to upside, once crosses 1209-10 then will have clear uptrend signal -till then ... puh. ... That was quite funny
I'm kind of thinking it will drop at least once more, which hopefully will give a good entry. I'm taking the minor "false upsides" as it just being a bit 'itchy'.
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