Hey guys
Let's take a look at gold.
Weekly chart is absolutely neutral. Chikou is coming into past candles. Weekly kijun is broken but look below. There is a rising trendline and then flat kumo. Macd is crossed down but the risk to reward is just not there for me. Also coming into play is the trendline from 2011. It has been tested twice already. Maybe we'll see test of 1250 zone again or may be not.
Daily is at big support level. Even NFP did not clear this level.
It is not a short and not a long either right now. It is neutral. If you look at monthly chart, last week we closed on Tenkan. We might see a test of monthly kumo top. It's too early to say but we have to wait for more price action. I am also watching eurusd. Lot of people are actually looking at head and shoulder. It might now play out given the sentiment.
DXY is at cross roads. What happens here , will be key for next trend leg.
Thanks for the read.
Let's take a look at gold.
Weekly chart is absolutely neutral. Chikou is coming into past candles. Weekly kijun is broken but look below. There is a rising trendline and then flat kumo. Macd is crossed down but the risk to reward is just not there for me. Also coming into play is the trendline from 2011. It has been tested twice already. Maybe we'll see test of 1250 zone again or may be not.
Daily is at big support level. Even NFP did not clear this level.
It is not a short and not a long either right now. It is neutral. If you look at monthly chart, last week we closed on Tenkan. We might see a test of monthly kumo top. It's too early to say but we have to wait for more price action. I am also watching eurusd. Lot of people are actually looking at head and shoulder. It might now play out given the sentiment.
DXY is at cross roads. What happens here , will be key for next trend leg.
Thanks for the read.