Daily: Indicators are still bearish. Price action of last two days was enough for some correction from the breakdown lows, to retest Tenkan Sen and the broken trendline. If it closes ard or below 1270, the inside hammer-like candle will rather suggest the continuation of the bearish move. I do not say it can not spike any higher, but clearly the Ichimoku setup is bearish. Now also Chikou Span is below the cloud and it has an open space ahead.
4 hrs: Pull back to Kijun Sen and to previous horizontal support, which now acts as resistance. Slow Stoch turning down. If you have not yet enterred shorts, it is time to slowly open the position. Since we never know what mkt does next (it can even spike from here), add to the first shorts only on the next leg down (below 1263), never average "loosers". You can never know if some desperate bulls may try to lift it back above 1280 again.
Note: a break back above 1300 would invalidate the short Gold idea.
4 hrs: Pull back to Kijun Sen and to previous horizontal support, which now acts as resistance. Slow Stoch turning down. If you have not yet enterred shorts, it is time to slowly open the position. Since we never know what mkt does next (it can even spike from here), add to the first shorts only on the next leg down (below 1263), never average "loosers". You can never know if some desperate bulls may try to lift it back above 1280 again.
Note: a break back above 1300 would invalidate the short Gold idea.
