Gold - What to do? Mixed, but it will soon start to move
Daily: Though the Price is still in a downtrend channel, in fact since 8/Dec the Price action is completely neutral and choppy. Price has been trading ard equilibrium (in the Kumo, ard Senkou B line), all Ichimoku lines (Tenkan, Kijun and Senkou lines) stay all together. DMI is zig-zag too, with very low ADX. This is a point where we have to really watch for the next break, as that will bring a larger move. It can happen into any directions with seriously 50-50 % chance. Why do I say this? Because theoretically the downtrend should persist, but against that DMI is slightly bullish and also MACD has positive divergence.
Levels: Bearish with a break and close below 1170-75, or Bullish with a break and close above 1210-1215.
4 Hrs: Thin Kumo, Chikou at Price candles, no DMI signal, low ADX, stuck in a triangle. NEUTRAL
Needs to break either 1172 on downside or 1205 on the topside to find next direction.
Gold is a proxy for following things: inflation expectations (-), USD strength (??? Strong but can see correction so +/-), global risk off mood in financial mkts (+).
As you see thats why Gold lost directional interest now.
Watch, and trade the break!!!
Levels: Bearish with a break and close below 1170-75, or Bullish with a break and close above 1210-1215.
4 Hrs: Thin Kumo, Chikou at Price candles, no DMI signal, low ADX, stuck in a triangle. NEUTRAL
Needs to break either 1172 on downside or 1205 on the topside to find next direction.
Gold is a proxy for following things: inflation expectations (-), USD strength (??? Strong but can see correction so +/-), global risk off mood in financial mkts (+).
As you see thats why Gold lost directional interest now.
Watch, and trade the break!!!
