Gold hit weekly bearish support

FX:XAUUSD   Gold Spot / U.S. Dollar
229 4 4
- Looking at Ichimoku the trend is still bearish .
- Correction sent Gold             price up to multiple bearish supports: previous horizontal resistance, major downtrend line and Kijun Sen (26 weeks average)
- Below this major bearish support area of 1160-1180 we may see some consolidation, or one more bearish leg down. The question is if wee see a lower low in coming weeks. Only without a lower low will Gold             have chance to make a strategic bullish reversal above 1200.

- Ichimoku setup is neutral on the lower time frame and will be considered as neutral between 1100 - 1150. Obviously for bearish continuation it should trade back below 1100, for bullish reversal we'd need a valid Kumo breakout above 1160.
- Heikin Ashi signals some consolidation and maybe a pull back is ahead. haDelta reached extreme high, Price needs to consolidate a bit. Also the candle pattern from yesterday and today shows some loss of short term bullish momentum.
- Looking at the whole setup I think Price may pull back a bit to the 1106 - 1122 - 1138 support zone . If we see a bullish Heikin Ashi signal there, then we can enter / size up longs again.

Of course no one knows what will exactly hapen, maybe global risk off and dollar selling accelerates so much that Gold             suddenly just breaks all bearish supports and reverses strategic bullish . Well, that signal would be very obvious for everyone.

So my bias remains cautious bullish , but my position size remains cautious too.
I will either buy more on 1175-1200 break, or when I see a new buy signal after dip to daily supports.

Advise is same as always:
1. don't predict, don't believe, just follow
2. risk management ( volatility adjusted position sizing, trailing stops, and protecting your trading capital) is a lot more important than the signals, entries and exits, or the timing itself.
So far perfect calls! Even the correction idea was good! thank you again!
yep technically still not out of the woods. I imagine markets doing a run now, and gold retreating
Market can not decide wether to consider Gold as a commodity or as money :-)
If FED ignores equity mkt correction and hikes in September, that means they do it because of credibility. They really cornered themselves with waiting for so long with the first hike, as if they don't do it now, then they lose all the remaining credibility and market will immediately speculate about QE4. This would be very bullish for Gold.
Anyway, even if they hike once (e.g. 0,25 %), I really dount they will force it further.
My basic scenario is that they will do one hike, USD goes bit stronger again, retests technical breakout levels, Gold follows, but finally market will realise it is not going to be a massive tightenning cycle, USD goes weaker again, and Gold reverses bullish. Of course this is just meditation about one possible scenario.
We rather trade price action and the chart, not our belief, don't we?
2use Kumowizard
Yes i trade today:) but i have some instincts i want to develop, and some ideas are really good to take in account
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