A new hope! Better long than WTI :-)

FX:XAUUSD   Gold Spot / U.S. Dollar
501 13 12
Gold             has become oversold, that we all know. What I also see is a quite promising price action shown in last few trading days!

The weekly chart I do not attach now, you can find that post on my Twitter board: just to mention weekly has printed a possible Heikin-Ashi reversal signal last week!

- Price got close to Kijun Sen (stays between Tenkan and Kijun).Tenkan and Kijun are closing in.
- Heikin-Ashi candles: 3 dojis in a row. First had a very small body and wicks, second had same body lvl             and very long wicks, today again same body, but with shorter (inside) wicks -> haDelta seems to be able to hold above zero. This price action pattern is likely due to a tipical wise short covering from a few major players. If they see a size seller, they become more agressive. If they don't get more on the lower side then they bid a bit higher.

- Price action pattern here shows the depth of fight between smart bears and dumb bears. Because it is very possible that some smart bearish guys covering shorts ahead of FED against some dumb and still agressive bears, or with the help of shaking daytraders and stupid algos who quickly take and unwind positions on lower time frames during data releases.
- 1065-1070 horinzontal layer and Kumo held very well so far!
- Ichimoku is still neutral, but a close above 1075 and a higher high print above 1080 would accelerate buying. There dumb bears would also rush to cover, realising their push down attempt had been stupid.
- Heikin-Ashi shows a lot of undecision, but looking at the Oscillator and haDelta, the bias is minor bullish .
- EWO             has turned positive too!

My strategy: I opened outright long today at 1169 avg             , and I also bought a March/2016 Call spread +1105/-1140 @ 7,6 points net (that is the maximum possible loss on the Call spread position)
If we see a break above 1180, I will add even more to outright longs.
Whats the prognosis on this?
I hold long. I think further up. Daily is above Kumo now. May retrace at some point, but pull backs should be used for longs. At least Gold doesn't have a negative rate! :-)
2use Kumowizard
Same here :)
Actually I just sold some 1225 Call option (24/Febr maturity)... some resistance may be there... unless the world collapses.
2use Kumowizard
Looking into this, but i have gold funds only i can trade tomorrow
I trade futures contracts.
If you follow my Twitter feed, there I had updates regarding a possible short term double bottom on both daily and 4H. So far it looks like working. Short term tgt still 1100-1120 area.
+1 Reply
Out today
yes, true. Meanwhile as I wrote on Twitter in last few days the key level came lower to 1072. Now Price will close above that! Those who feel missing the move can wait for a pull back, to 1073-1075 and buy there. Short term retracement tgt is 1120+. What will happen there I don't know. We'll cross that bridge when we get there.
IvanLabrie Kumowizard
Looks very good, I went long today at 1072.43, stop 1065.92.
We won't go under 1070 again I think.
Target for me is 1110.56 by Jan 1st.
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