Gold Weekly: It ain't over until the fat lady sings
Trading indicator: Ichimoku Cloud
Momentum: Stochastic + RSI was heavily overbought so profit taking pattern is normal
Resistance: $1360
Support at cloud: Senkou A: 1260/ Senkou B: 1225
Trade Setup Idea: Might see technical pullback near the 618-786 Fib area that is near the Senkou A & B supports of the cloud. Rule is that you can't buy when prices are in the cloud as the kumo represents a state-of-equilibrium in the market and therefore trend cannot be confirmed. If you see support at Senkou A and a bounce this could be a solid reinforcement for longs. This would also complete a cup and handle pattern within a larger pattern, which is a rounding bottom reversal pattern.
Fundamentals: Need to watch closely US/China trade deal. A positive deal could reignite equity markets into a new bull phase market and put downward pressure on Gold. Will need to watch the development of this closely.
Cheers,
Bobby
Momentum: Stochastic + RSI was heavily overbought so profit taking pattern is normal
Resistance: $1360
Support at cloud: Senkou A: 1260/ Senkou B: 1225
Trade Setup Idea: Might see technical pullback near the 618-786 Fib area that is near the Senkou A & B supports of the cloud. Rule is that you can't buy when prices are in the cloud as the kumo represents a state-of-equilibrium in the market and therefore trend cannot be confirmed. If you see support at Senkou A and a bounce this could be a solid reinforcement for longs. This would also complete a cup and handle pattern within a larger pattern, which is a rounding bottom reversal pattern.
Fundamentals: Need to watch closely US/China trade deal. A positive deal could reignite equity markets into a new bull phase market and put downward pressure on Gold. Will need to watch the development of this closely.
Cheers,
Bobby
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.