Notes:
Kijun-Sen (26-Period EMA) (thin Maroon) is facing up (it is a strong indicator of price trend; even on the lower time-frame charts; it functions this way). Follow where it is pointing & you can be very profitable in your trades (works very well in the 1-minute chart for me).
Alongside; said 52-Period SMA (thick Maroon) is a very-strong (seemingly concrete) indicator of trend that offers both strong price support & resistance as well; when price breaks above or below 52-Period SMA; it is often a decision for price to start trending alongside that direction for a sustained period of time. (If 52-Period SMA points upwards; then price goes up with it; until exhaustion.) Managing to break above from below is strong bullish; managing to break below from above is strong bearish (in a more concrete manner).
Ichimoku-Clouds do take the role of being price supports & resistances from time to time (I've been noticing that while trading lower time-frame charts; in 1-minute chart to be precise). Looking & anticipating the cloud formation to come ahead is extremely important (other then just noticing the clouds around the current price level).
Pullbacks will offer great buying opportunities for Gold. (Definitely do expect pullbacks & then resumption of the bullish trend.)
Long: Is a longer-term Long (while it might continue to pullback downwards; perhaps to the Kijun-Sen 26-Period EMA; worse case is if it likes to pullback all the way down to the 52-Period SMA; which would serve to be the critical support where price will most likely bounce back upwards once again or a low probability break-down). This principle will not apply to Gold price action alone; it also applies to all other currency pairs.
Best regards.
*Dark (thick) Maroon colored line: 52-Period Simple-Moving-Average
*Maroon colored line (thinner): Kijun-Sen (26-Period Exponential-Moving-Average)
Kijun-Sen (26-Period EMA) (thin Maroon) is facing up (it is a strong indicator of price trend; even on the lower time-frame charts; it functions this way). Follow where it is pointing & you can be very profitable in your trades (works very well in the 1-minute chart for me).
Alongside; said 52-Period SMA (thick Maroon) is a very-strong (seemingly concrete) indicator of trend that offers both strong price support & resistance as well; when price breaks above or below 52-Period SMA; it is often a decision for price to start trending alongside that direction for a sustained period of time. (If 52-Period SMA points upwards; then price goes up with it; until exhaustion.) Managing to break above from below is strong bullish; managing to break below from above is strong bearish (in a more concrete manner).
Ichimoku-Clouds do take the role of being price supports & resistances from time to time (I've been noticing that while trading lower time-frame charts; in 1-minute chart to be precise). Looking & anticipating the cloud formation to come ahead is extremely important (other then just noticing the clouds around the current price level).
Pullbacks will offer great buying opportunities for Gold. (Definitely do expect pullbacks & then resumption of the bullish trend.)
Long: Is a longer-term Long (while it might continue to pullback downwards; perhaps to the Kijun-Sen 26-Period EMA; worse case is if it likes to pullback all the way down to the 52-Period SMA; which would serve to be the critical support where price will most likely bounce back upwards once again or a low probability break-down). This principle will not apply to Gold price action alone; it also applies to all other currency pairs.
Best regards.
*Dark (thick) Maroon colored line: 52-Period Simple-Moving-Average
*Maroon colored line (thinner): Kijun-Sen (26-Period Exponential-Moving-Average)
