Flagship consolidation with mixed signals

FX:XAUUSD   Gold Spot / U.S. Dollar
215 1 8
In fact short term Gold             is trading rangebound, so I should have marked this post as neutral. But looking at the major weekly time frame, the big strategic setup still favors bulls. The question is when and how to buy more.

- Ichimoku setup is bullish , but we see some consolidation as Price dips below Tenkan Sen. Chikou still in past Kumo. When it spikes above the cloud, it will be also a confirming signal of bullish continuation.
- Stronger support levels: 1200 (forward Senkou A) and 1165-1180 zone with Kijun Sen, spot and Forward Senkou B
- Price pattern may develop a larger bullish flag . A break above 1265 is needed for bullish continuation to 1440+ measured target. Next resistances on the way up will be 1320 / 1360 / 1400.
- Heikin-Ashi signal became mixed, we see some buying attempts which fail, and makes momentum neutral. It is also obvious from haDelta, which has been tight swinging around zero line.
- EWO             is bullish

- Ichimoku setup is absolutely neutral: Price, Tenkan and Kijun all in the spot Kumo cloud. We have a thick spot Kumo, but a very thin forward Kumo now. All average lines are flat, not pointing anywhere (no momentum, no trend). We have a very thick spot Kumo and a very thin forward Kumo. This also says that during last 26 days bullish price action lost most of its momentum, and market is not trending, instead trades rangebound. Trend continuation will come, when Price decisively breaks above Kumo and 1166 horizontal resistance, which will also make first Tenkan and Senkou A point up, later Kijun and Senkou B will follow them.
- Heikin-Ashi is quite choppy. haDelta and candle body right now signals bid interest is probably stronger than offers.
- EWO             lost a lot of momentum too, but it is still bullish biased.

At this point everything is possible. A lot depends on how market will react to FED. Price is in the middle of the consolidation zone. If it turns down, we'll have to look for buy signals only ard             1200 or slightly below.
If it breaks out then we should not hesitate to buy at higher levels, but with higher confidence.
palladium, i am short
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out