Gold - Undecision may end in a bullish breakout
Daily: Not much change since my last post. Ichimoku is still bullish, Kijun sen is holding well. I still believe in longer term we will see the ABCD pattern forming. However short term undecision is clear now on daily time frame. DMI zig-zag, with very low ADX.
4 Hrs: Complete undecision here as well, with extra low ADX, which may be sloping up a bit now. DMI itself is still bullish. Ichimoku components total neutral, don't show any trending bias. Key level is 1320-1325.
1 Hr: Price has been consolidating in 1303 - 1315 range within a tightenning triangle. DMI-ADX combo is same as on the 4 Hrs. Actually DMI is positive now, but ADX should climb over 20 to gove a valid signal.
Trade idea: comparing all time frames (higher time frames always weight more), the chance is somehow better for a bullish break. So try to trade the breakout with a stop buy above 1312-1313, place initial stop below range bottom 1303. Target 1345-1350. Not a bad risk-reward IF it really breaks out.
4 Hrs: Complete undecision here as well, with extra low ADX, which may be sloping up a bit now. DMI itself is still bullish. Ichimoku components total neutral, don't show any trending bias. Key level is 1320-1325.
1 Hr: Price has been consolidating in 1303 - 1315 range within a tightenning triangle. DMI-ADX combo is same as on the 4 Hrs. Actually DMI is positive now, but ADX should climb over 20 to gove a valid signal.
Trade idea: comparing all time frames (higher time frames always weight more), the chance is somehow better for a bullish break. So try to trade the breakout with a stop buy above 1312-1313, place initial stop below range bottom 1303. Target 1345-1350. Not a bad risk-reward IF it really breaks out.
