Gold is still bearish trending, but again the time is close to watch for a counter buy.
Daily: In line with the major trend Price has been collapsing since the retracement of 1250. All indicators are bearish, but Price is approaching the lower end of the bearish channel, meanwhile Gold is becoming short term oversold.
Slow Stoch dropped and stays below 20. I am watching ot for a bounce. The possible bottom fishing area for gold is 1130-1145 range. If bounce happens, next retracement tgts could be 1190 or 1220.
4 Hrs: No spec signal here, it is still bearish.
1 Hr: Did some consolidation below Kumo, then Price continued to decline. Now the support is ard 1160, where we have Trendline, Senkou B (future Kumo top) and Kijun Sen. Slow Stoch is oversold, so we may see a pull back to 1150-1160, but counter trend long is not recommended until it trades below the Kumo.
Strategy: small bottom fishing in 1130-1145 range, real trade size counter trend long only in case we see minimum 1 Hr breakout buy signals.
Note: Watch for 30/November! Switzerland will have a referendum, where people can decide if SNB has to re-load its Gold reserves again. That would mean some massive buying power. Still, we need to trade only on technical signals. Fyg, China has bought ard 48 tones of physical gold just last week alone (for example this is appr. the size of complete Finland gold reserves), but price has dropped a lot lower.
Daily: In line with the major trend Price has been collapsing since the retracement of 1250. All indicators are bearish, but Price is approaching the lower end of the bearish channel, meanwhile Gold is becoming short term oversold.
Slow Stoch dropped and stays below 20. I am watching ot for a bounce. The possible bottom fishing area for gold is 1130-1145 range. If bounce happens, next retracement tgts could be 1190 or 1220.
4 Hrs: No spec signal here, it is still bearish.
1 Hr: Did some consolidation below Kumo, then Price continued to decline. Now the support is ard 1160, where we have Trendline, Senkou B (future Kumo top) and Kijun Sen. Slow Stoch is oversold, so we may see a pull back to 1150-1160, but counter trend long is not recommended until it trades below the Kumo.
Strategy: small bottom fishing in 1130-1145 range, real trade size counter trend long only in case we see minimum 1 Hr breakout buy signals.
Note: Watch for 30/November! Switzerland will have a referendum, where people can decide if SNB has to re-load its Gold reserves again. That would mean some massive buying power. Still, we need to trade only on technical signals. Fyg, China has bought ard 48 tones of physical gold just last week alone (for example this is appr. the size of complete Finland gold reserves), but price has dropped a lot lower.
