Daily: The correction was expected, as Price "broke" out of Kumo with an unusual sideaway move. Pull back to Kijun Sen was met, Slow Stoch
gave a buy signal, Price still above Kumo and Tenkan is over Kijun. So far the dip buying idea ard Kijun Sen worked ( pls
see link below to prev post on gold
), but to gain further bullish
momentum Price should move and stay above 1330 again. In that case Chikou Span would move above the cloud, giving a further bullish
signal for Gold
. The daily horizontal resistance level
is now pretty much in line with the down trend line
too. Once that is gone, the space will be open to 1450-1480.
4 Hrs: Counter trend momentum lost, ADX
dropped below 18, DMI
We have a weak bullish
Tenkan/Kijun cross and also Chikou Span is above Price now. Break above 1325 will likely accelerate buying again.