Hold longs, correction may end, 1200+ in focus.
It may look like a slow motion, but Gold is still bullish biased, and I still think 1200+ area is possible to reach.
Weekly:
- Bearish trendline broken. Ichimoku is turning to neutral. Weak bullsih Tenkan/Kijun cross may happen below Kumo!
- However 1205-1230 is still a resistance ahead of Bulls. Strategic reversal would take place above 1230
- Heikin Ashi is bullish, with some momentum slow down this week.
Daily:
- Ichimoku is healthy bullish. By now we have a well defined bullish trend channel too.
- Key support is 1155-1160
- Heikin Ashi has early signal for a possible end of correction: Doji candle and smoothed haDelta is turning up again. PSAR not hit below Tenkan Sen.
- I expect a slow drift to start towards 1200+
Strategy: Hold and/or increase your longs!
Weekly:
- Bearish trendline broken. Ichimoku is turning to neutral. Weak bullsih Tenkan/Kijun cross may happen below Kumo!
- However 1205-1230 is still a resistance ahead of Bulls. Strategic reversal would take place above 1230
- Heikin Ashi is bullish, with some momentum slow down this week.
Daily:
- Ichimoku is healthy bullish. By now we have a well defined bullish trend channel too.
- Key support is 1155-1160
- Heikin Ashi has early signal for a possible end of correction: Doji candle and smoothed haDelta is turning up again. PSAR not hit below Tenkan Sen.
- I expect a slow drift to start towards 1200+
Strategy: Hold and/or increase your longs!
