Kumowizard
Long

Gold - Second attempt for swing buy

FX:XAUUSD   Gold Spot / U.S. Dollar
329 1 3
I got stopped out from previous Long (open 1309 / SL 1299), as the yet oversold gold             has become even more oversold. Looking at the Daily Kumo (which is a support zone now) and the trend on the 4 Hrs             chart, it is time to pay attention to px             action again. I doubt Gold             can come down to the real value buy zone at 1280-1290, so watch rather if price breaks above 1300-1305 again with Stochastic turning up bullish . The trendline is perfect both on 4 Hrs             and also on 15 mins time frame. Once it breaks, we might see a correction op to 1320-25, maybe even to 1335.
I also hv a feeling that some of Gold             wekness was due to a proxy on back of USD strength. However clearly USD Index is not performing too good, no real story on USD crosses. If price action stays as weak as it is on the USD, it may also give a better chance for Gold             to spike higher.
Enter long, initial stop 1280-85 (depending on your money management and position sizing)!
15 mins Ichimoku setup is on buy, looks 4 Hrs downtrend is breaking too.
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