As I wrote on Twitter yesterday, Gold had an interim bottom, the counter Bullish wave and buy signal was confirmed on the 4H chart above 1100.
Weekly: - Bearish trend, bearish Ichimoku setup - Last week's and recent candles together give a Heikin Ashi signal of bearish consolidation and/or possible pull back
Daily: - Pull back within bearish Ichimoku setup. Clear initial Heikin Ashi signal from candles three amd two days ago, which was confirmed on lower time frame yesterday. - First supp/res is Kijun Sen at 1120, but technically it may reach 1135-1150 area as well. (I think it will depend a lot on the USD)
4H: - Ichimoku setup is bullish - Heikin Ashi is bullish - trail protective stops with Kijun Sen and/or 100 WMA
Comments
sami
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nice analysis. what kind of pullback are you looking at in a week or so?
Kumowizard
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Sorry, but I an not give such a prognosis. I think it can exhaust a bit ard 1135-1140, but if it goes up there at all, or when it happens I have no clue. That's why I say trail up your protective stops, and try not to focus on any targets, but focus rather on the protection of your existing profit.
Kumowizard
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Also as you see 1135-1140 is a strong bearish support both on weekly (Tenkan Sen - Kijun Sen area) and on daily (Future Kumo top + 100 WMA is getting down there)