Kumowizard
Long

Gold - The tricky one. Buy some small again! Key is still 1220

FX:XAUUSD   Gold/U.S. Dollar
524 1 3
Of course despite we had one of the best looking bullish setups on Gold             (pls see my last post), it tricked everybody and dropped. The drop was enought to get our longs stopped, but as you see, the daily Kumo bottom acted as resistance and Price popped up again. Let's see the details.

Weekly:
- Trend and Ichimoku setup is bearish until Price is below the major trendline and the Kumo cloud.
- If you look at the Heikin Ashi signal, that is actually less bearish . It started to show rather undecision. This week's candle could not make a lower low and haDelta/SMA3 turning up again.
It starts to look like that without further USD gains Gold             will not be able to resume really bearish biased. And as you can read from my other post, USD is really poised for a major correction now. Will it send Gold             a lot higher and change the weekly Ichimoku setup to neutral or maybe even bullish?

Daily:
- Ichimoku setup is absolutely neutral: both price, Tenkan and Kijun are in the Kumo cloud, Chikou span hits past candles, Tenkan/Kijun signal is confusing (stays medium bearish , but Kijun points up - this signal not really relevant in this form). Future Kumo holds is bullish Senkou Span cross.
- Yesterday Heikin Ashi candle had a wide range, and suddenly changed the bearish picture to bullish: today candle is green again, haDelta/SMA3 up and tries to move back above zero line, HA Oscillator switches to bullish .

So short term it looks more bullish again, but real trend followers and those who trade on a breakout strategy will start to accumulate longs only above 1220. Once they come to the market, you can forget about low volatility and zig-zag Gold             Prices. Then Gold             will start to move up sharply and the move will last for several days or weeks, targetting 1300-1350.
I still hold small long position in Gold             . That is my strategic, non-leveraged, non-speculative position. I will certanly increase and buy a lot more above 1220!
Justiceisfalse
2 years ago
Yeah it's looking better and I am in to a long around 1200 as well but man, it has been a giant assh*le as of late...
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