Daily: Kijun Sen blocked the bullish breakout attempt, Price did a sharp reversal back into and later below the Kumo. Price also penetrated previous Key Support. Now the only and last hope is this small bullish trendline. If this can hold for a while, we may see pull back to the Kumo. DMI is bearish (ADX is still low), MACD bearish and Slow Stoch bearish too, but in oversold area.
4 Hrs: Bearish Ichimoku setup, but ADX is reaching high level, so if Price can not print a lower low below 1273, we may see some correction.
Will it end up in a sell off? If it manages to break the last support here at 1270, then certanly it will, but short term there is still some chance for a pop.
One thing is sure: technically there is no reason now to be bullish for Gold at all.
Those who really love risk may try one more last long position with a tight stop at 1270, maybe together with some general USD correction it can work, but do not expect to make the money of your life out of this trade.
4 Hrs: Bearish Ichimoku setup, but ADX is reaching high level, so if Price can not print a lower low below 1273, we may see some correction.
Will it end up in a sell off? If it manages to break the last support here at 1270, then certanly it will, but short term there is still some chance for a pop.
One thing is sure: technically there is no reason now to be bullish for Gold at all.
Those who really love risk may try one more last long position with a tight stop at 1270, maybe together with some general USD correction it can work, but do not expect to make the money of your life out of this trade.