Gold - Little bit confusing signals,but time to watch at support
Weekly:
- Ichimoku setup is bearish/neutral. Price turned down from Kumo resistance, and the trend is still bearish. However Kumo overshades Price and few weeks ago a weak bullish Tenkan/Kijun cross happened. Chikou Span has no open space at all. Kijun Sen at 1220 should act as stronger support/ resistance now. New bearish acceleration would take place only below 1200.
- weekly HA candle is red, haDelta and SMA3 back below zero line.
The most optimal situation would be to catch a bullish HA signal a bit lower in the 1200-1220 zone. But markets are never that easy to catch. So we rather have to focus on daily signals.
One thing is sure, for a strategic bullish reversal Gold should break and close above 1300.
Daily:
We have some mixed signals here as well, and I think it is really time to watch for a possible bullish swing.
- On the daily time frame Gold has been developing a bullish channel. Price action is in wave four pull back, reaching a very important support zone at 1220-1225. We have Senkou B, horizontal support and a bit lower the bullish trend support. In terms of Ichimoku it should be considered a Kumo retest (back to breakout level) where we should focus on possible bullish signals again.
- due to the swing down Ichimoku setup has turned a bit neutral from bullish, with Kumo overshade, Chikou Span down to Price candles too, and we almost have a weak bearish Tenkan/Kijun cross. However Senkou A (future Kumo top) still points up.
- Heiken Ashi candle is still red with no upper wick, but the body is smaller that's why haDelta crossed above its SMA3. Bearish pressure may slow down a bit.
We must watch HA signals carefuly at this support. A doji like candle or a green switch would mean a possible reversal up again to start 5th wave within the minor trend.
- Ichimoku setup is bearish/neutral. Price turned down from Kumo resistance, and the trend is still bearish. However Kumo overshades Price and few weeks ago a weak bullish Tenkan/Kijun cross happened. Chikou Span has no open space at all. Kijun Sen at 1220 should act as stronger support/ resistance now. New bearish acceleration would take place only below 1200.
- weekly HA candle is red, haDelta and SMA3 back below zero line.
The most optimal situation would be to catch a bullish HA signal a bit lower in the 1200-1220 zone. But markets are never that easy to catch. So we rather have to focus on daily signals.
One thing is sure, for a strategic bullish reversal Gold should break and close above 1300.
Daily:
We have some mixed signals here as well, and I think it is really time to watch for a possible bullish swing.
- On the daily time frame Gold has been developing a bullish channel. Price action is in wave four pull back, reaching a very important support zone at 1220-1225. We have Senkou B, horizontal support and a bit lower the bullish trend support. In terms of Ichimoku it should be considered a Kumo retest (back to breakout level) where we should focus on possible bullish signals again.
- due to the swing down Ichimoku setup has turned a bit neutral from bullish, with Kumo overshade, Chikou Span down to Price candles too, and we almost have a weak bearish Tenkan/Kijun cross. However Senkou A (future Kumo top) still points up.
- Heiken Ashi candle is still red with no upper wick, but the body is smaller that's why haDelta crossed above its SMA3. Bearish pressure may slow down a bit.
We must watch HA signals carefuly at this support. A doji like candle or a green switch would mean a possible reversal up again to start 5th wave within the minor trend.
