Gold - Reached bullish target and key resistance
The long trade idea after Kumo breakout worked very well, but now we have to be cautious a bit, maybe it is time to think about a partial profit taking.
- Price reached Key resistance line, and quickly moved far away from Kijun sen. The strong Price action has to chill down, that can happen in two ways: sideaway consolidation around key resistance, while Kijun Sen catches up to Price, or a pull back (correctio) towards Kijun Sen
- Slow Stoch reached overbought range as well
- DMI lines difference is reaching extreme too
Heikin Ashi picture (right panel):
Candle colour is still green, but we have to watch today's candle carefuly! So far its body is within the body of the previous candle, while haDelta is below its SMA3, both lines are decreasing. haDelta also reached an extreme high, which is often an indication for a local top.
These are possible signals for trend exhaustion and/or a small reversal and pull back later.
In case of a pull back the corrective target will be ard 1250 (+/-), where we have the main bullish support in form of horizontal key level, Kijun Sen and Senkou A (future Kumo upper line)
- Price reached Key resistance line, and quickly moved far away from Kijun sen. The strong Price action has to chill down, that can happen in two ways: sideaway consolidation around key resistance, while Kijun Sen catches up to Price, or a pull back (correctio) towards Kijun Sen
- Slow Stoch reached overbought range as well
- DMI lines difference is reaching extreme too
Heikin Ashi picture (right panel):
Candle colour is still green, but we have to watch today's candle carefuly! So far its body is within the body of the previous candle, while haDelta is below its SMA3, both lines are decreasing. haDelta also reached an extreme high, which is often an indication for a local top.
These are possible signals for trend exhaustion and/or a small reversal and pull back later.
In case of a pull back the corrective target will be ard 1250 (+/-), where we have the main bullish support in form of horizontal key level, Kijun Sen and Senkou A (future Kumo upper line)
