Kumowizard

Gold - Will it become bearish?

FX:XAUUSD   Gold Spot / U.S. Dollar
107 0 2
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.
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