My swing long target was matched perfectly, yet market rallied one small leg higher later. Now I show you why it is not a good idea to hold gold longs any more.
Weekly:
- Price retested Kumo and 100wma, which acts as hard resistance
- Ichimoku setup is still bearish
- Heikin-Ashi signals loss of swing bullish momentum: pls check haDelta and haOscillator cross down from their peaks!
- EWO is bearish
- MACD fails to cross up
Daily:
- Ichimoku setup is neutral
- Heikin-Ashi gave top signal two days ago, and sell signal yesterday. Swing bearish momentum is picking up. haDelta and haDelta+ below zero line now.
- MACD tops and crosses down
We have one more question: will gold turn really bearish from here? I am not sure. It will likely reach daily Kijun at 1172, but if price action recerses there, next leg up can be really bullish. We also have to note that daily EWO is positive and MACD is above zero.
For now I recommend exit from speculative longs and set an alert at 1175, to check price action at that key level.
Weekly:
- Price retested Kumo and 100wma, which acts as hard resistance
- Ichimoku setup is still bearish
- Heikin-Ashi signals loss of swing bullish momentum: pls check haDelta and haOscillator cross down from their peaks!
- EWO is bearish
- MACD fails to cross up
Daily:
- Ichimoku setup is neutral
- Heikin-Ashi gave top signal two days ago, and sell signal yesterday. Swing bearish momentum is picking up. haDelta and haDelta+ below zero line now.
- MACD tops and crosses down
We have one more question: will gold turn really bearish from here? I am not sure. It will likely reach daily Kijun at 1172, but if price action recerses there, next leg up can be really bullish. We also have to note that daily EWO is positive and MACD is above zero.
For now I recommend exit from speculative longs and set an alert at 1175, to check price action at that key level.
