Gold reached its equilibrium price at the bottom of the Kumo, and has been trading ard this horizontal key support for a while. This small bearish corrective move from 1345 top seems loosing a bit of steam. Let's have the checklist.
Daily:
Ichimoku is neutral, with some bearish tones. Price is in the Kumo (neutral), Kumo and horizontal Key support kept Price drop well. Tenkan is below Kijun (both above Kumo still) and Chikou Span is below Price. DMI is bearish, but ADX is not really accelerating. Slow Stoch seems turning up, may give a bullish signal, but MACD is still bearish.
It's a bit mixed on the daily, isn't it? Still I have the feeling it may worth a try to buy with stop below 1277.
4 Hrs: Price has been bearish swinging below the Kumo, but ADX completely down, and DMI started to zig-zag. Meanwhile price action looks like developing a bullish wedge. Slow Stoch turning up from a mid range (it couldn't get down to oversold). All in allI have the feeling Gold had its local bottom and we may see a bullish reversal soon, but of course wed more confirmation. First: at least a Price cross above Kijun and a weak bullish Tenkan/Kijun Cross, second: Penetration of downtrend line (wedge top line), third: Kumo breakout with Chikou cross.
1 Hr: Bullish Kumo breakout is developing with DMI confirmation, but Price needs to clean the 1295-1298 area to confirm.
Key resistance levels to watch: 1295 / 1305 / 1312 / 1339 / 1360
Daily:
Ichimoku is neutral, with some bearish tones. Price is in the Kumo (neutral), Kumo and horizontal Key support kept Price drop well. Tenkan is below Kijun (both above Kumo still) and Chikou Span is below Price. DMI is bearish, but ADX is not really accelerating. Slow Stoch seems turning up, may give a bullish signal, but MACD is still bearish.
It's a bit mixed on the daily, isn't it? Still I have the feeling it may worth a try to buy with stop below 1277.
4 Hrs: Price has been bearish swinging below the Kumo, but ADX completely down, and DMI started to zig-zag. Meanwhile price action looks like developing a bullish wedge. Slow Stoch turning up from a mid range (it couldn't get down to oversold). All in allI have the feeling Gold had its local bottom and we may see a bullish reversal soon, but of course wed more confirmation. First: at least a Price cross above Kijun and a weak bullish Tenkan/Kijun Cross, second: Penetration of downtrend line (wedge top line), third: Kumo breakout with Chikou cross.
1 Hr: Bullish Kumo breakout is developing with DMI confirmation, but Price needs to clean the 1295-1298 area to confirm.
Key resistance levels to watch: 1295 / 1305 / 1312 / 1339 / 1360
