As I wrote recently on Twitter, Gold has reached y swing bullish target precisely.
It is time to exit longs now, not much upside left for short term. We also have some negative divergence in haDelta and haOscillator. Price also has quite stron resistance above: 100wma and a very thick Kumo cloud. From this position Gold doesn't have much power to break this resistance area, unless some black swan event happens in the financial markets.
However I think we also have to be flexible regarding long term strategy! Why? Because the Ichimoku picture has changed quite a lot from strong bearish:
- Chikou Span is now above past candles
- We have a weak bullish Tenkan/Kijun setup
- EWO also moved back to positive territory
I think we'll see some consolidation and maybe even a dip back towards 1160. In first case Kijun would come up to price, in second case obviously Price would retest Kijun. In both cases the next big question is how price action is going to look like once it trades around Kijun supp/res again!
Well, if we get a buy signal then, that may be a bigger opportunity to open strategic long to target much higher prices and a double digit percentage gain.
It is time to exit longs now, not much upside left for short term. We also have some negative divergence in haDelta and haOscillator. Price also has quite stron resistance above: 100wma and a very thick Kumo cloud. From this position Gold doesn't have much power to break this resistance area, unless some black swan event happens in the financial markets.
However I think we also have to be flexible regarding long term strategy! Why? Because the Ichimoku picture has changed quite a lot from strong bearish:
- Chikou Span is now above past candles
- We have a weak bullish Tenkan/Kijun setup
- EWO also moved back to positive territory
I think we'll see some consolidation and maybe even a dip back towards 1160. In first case Kijun would come up to price, in second case obviously Price would retest Kijun. In both cases the next big question is how price action is going to look like once it trades around Kijun supp/res again!
Well, if we get a buy signal then, that may be a bigger opportunity to open strategic long to target much higher prices and a double digit percentage gain.
