Gold Short Term Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
989 4 5
My medium to longer term outlook is SHORT.

Having said that, I'm lacking a credible short signal on the lower timeframes and believer there's still room for further up moves. Possible targets include of course the 1225 region that has been tested multiple times before.

The shorter term trend is up because we're above the Ichi cloud. However, right below where price sits now, we have zone of "indecision" as the jerkly moves right behind us prove. I consider it quite likely that price will zoom around that area before making up its mind.

Important to note that DI+ is above 20 and also above DI- which sits below 20. Not exactly a great bearish sign.

Above my line in the sand (LITS) at 1202, I'm only really after long entries. Below that level, I'm after shorts. Good entry points I'll be looking at are the Kijun Sen, upper cloud boundary and as a "last straw attempt" the lower cloud boundary. This idea is completely nullified if price breaks through 1202.
Restest of 1200 from above...oh well, shit happens.
Near $1192,98 GC have 61,80% all time fibo line ( 50,00% = $1014,2) i don't open any position near this lines without good movement and trend conformation.
+1 Reply
TradeApe PolarSolar
Yeah, I got 1193 as an important Ichimoku level too.

Thing is though, short term momentum tells me to only go after longs for now because it's mostly likely I'll hit my breakeven point that way. What happens after that I don't really care. I try to time entries at points where it's unlikely price will come back to for a bit. If a trend extends after an entry's at BE, that's cool...if not, no worries, I'm basically freerolling anyway.

Just follow momentum imo and protect your downside.
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