- Trend and setup is until Price is below the major and the Kumo cloud.
- If you look at the Heikin Ashi signal, that is actually less . 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 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 setup to neutral or maybe even bullish?
- 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 , but Kijun points up - this signal not really relevant in this form). Future Kumo holds is Senkou Span cross.
- Yesterday Heikin Ashi candle had a wide range, and suddenly changed the picture to bullish: today candle is green again, haDelta/SMA3 up and tries to move back above zero line, HA Oscillator switches to .
So short term it looks more 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 and 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!