US figures give higher chance again for first FED hike. USD is stronger, and Gold has been under pressure in last two days. I already got stopped with slight positive (rather close to zero) profit from my initial longs.
Daily: - Neutral Ichimoku with increasing bias to switch back to bearish - Bearish Heikin Ashi
4H: - Bearish Ichimoku - Bearish Heikin Ashi - Bearish momentum is increasing.
I stay neutral now as I don't know if daily Kijun holds or not, Price, Tenkan and Kijun are all in Kumo, so picture is still strategic neutral for me. Sit and watch until I see a better probability, higher risk/reward setup.
It could be bullish only with break and close back above 1140-1145. Until then the bias is bearish again.
Comments
smitheric1970
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Hey all, interested in your thoughts as I am still a newbie. I realize there are more investment vehicles with a rise in interest rates; however, the hike will most likely be mediocre. On 3/17 the DX was near 101, stocks were still highly overvalued and Gold dropped to 1142 - all of this in the wake up potential interest rate hikes. Technically, yes the trend is looking very bearish, unless on a larger scale, GC 1120-1065 was the Spring on an accumulation area. Money will likely continue to flow out of equities. Short term, going into the potential rate hike day, yes, very bearish bias. But even if they do raise rates, I would not short below 1065 as I believe money will continue to flow out of equities and as other countries are continuing 'easing' policies Gold may still be favored. If they do not raise rates in September, then I am assuming an accumulation area between now and December to continue between 1150 and 1065. Again, newbie, interested in your thoughts.
IvanLabrie
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Great, I entered short today, 1116.14 sell stop. Buy stop at 1156.51.
Target: 913.
Ready to scale in if it works.
Kumowizard
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Sorry, the horizontal line on4H chart means nothing really, it was left there by my mistake