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