Spiked up nicely, but ard 1150+ Bulls, Bears, The Illuminati, The Freemasons and everybody how trades, invest, manipulates in Gold realised how important this level have become.
I don't want to go into ZH-like conspiracy theories about paper gold and physical gold, about certain banks' derivative role and exposure... as finally the only thing that matter is the technical picture.
Weekly:
- The trend is bearish until price is below 1155... uh, pretty close. And extremely important as this is a multi-year long term bearish trendline! Above that there is one more important key area: 1185-1200. In terms of %, that is not too far away either.
- Ichimoku picture is bearish until price trades below Kijun Sen and Kumo. Above Kijun but below Kumo it would be neutral, above Kumo it would be strategic bullish again.
- Last week Heikin Ashi signal was bullish, let's see what this week brings us. (too early to decide on Monday)
Daily:
- Ichimoku setup is turning bullish, what's more it looks like a .... Bullish Kumo breakout? Trendline break? It will be clear only if Bulls take control and Price breaks above 1155-1160.
- Due to heavy fight between bulls and bears, Heikin Ashi lost its obvious bullish bias today. However I would hold original longs, until Gold trades above 1110-1120.
1110 - 1155 range is too tight. It can not stay like this for too long, it will be decided soon.
I don't want to go into ZH-like conspiracy theories about paper gold and physical gold, about certain banks' derivative role and exposure... as finally the only thing that matter is the technical picture.
Weekly:
- The trend is bearish until price is below 1155... uh, pretty close. And extremely important as this is a multi-year long term bearish trendline! Above that there is one more important key area: 1185-1200. In terms of %, that is not too far away either.
- Ichimoku picture is bearish until price trades below Kijun Sen and Kumo. Above Kijun but below Kumo it would be neutral, above Kumo it would be strategic bullish again.
- Last week Heikin Ashi signal was bullish, let's see what this week brings us. (too early to decide on Monday)
Daily:
- Ichimoku setup is turning bullish, what's more it looks like a .... Bullish Kumo breakout? Trendline break? It will be clear only if Bulls take control and Price breaks above 1155-1160.
- Due to heavy fight between bulls and bears, Heikin Ashi lost its obvious bullish bias today. However I would hold original longs, until Gold trades above 1110-1120.
1110 - 1155 range is too tight. It can not stay like this for too long, it will be decided soon.
