Gold - Pull back within major downtrend. Hold counter longs.
As I wrote on Twitter yesterday, Gold had an interim bottom, the counter Bullish wave and buy signal was confirmed on the 4H chart above 1100.
Weekly:
- Bearish trend, bearish Ichimoku setup
- Last week's and recent candles together give a Heikin Ashi signal of bearish consolidation and/or possible pull back
Daily:
- Pull back within bearish Ichimoku setup. Clear initial Heikin Ashi signal from candles three amd two days ago, which was confirmed on lower time frame yesterday.
- First supp/res is Kijun Sen at 1120, but technically it may reach 1135-1150 area as well. (I think it will depend a lot on the USD)
4H:
- Ichimoku setup is bullish
- Heikin Ashi is bullish
- trail protective stops with Kijun Sen and/or 100 WMA
Weekly:
- Bearish trend, bearish Ichimoku setup
- Last week's and recent candles together give a Heikin Ashi signal of bearish consolidation and/or possible pull back
Daily:
- Pull back within bearish Ichimoku setup. Clear initial Heikin Ashi signal from candles three amd two days ago, which was confirmed on lower time frame yesterday.
- First supp/res is Kijun Sen at 1120, but technically it may reach 1135-1150 area as well. (I think it will depend a lot on the USD)
4H:
- Ichimoku setup is bullish
- Heikin Ashi is bullish
- trail protective stops with Kijun Sen and/or 100 WMA
