Daily: Ichiomku still bearish, but MACD and Slow Stoch turned up. Especially MACD shows here clearly we are in consolidation phase. 1197-1200 is still the Key level to hold.
4 Hrs: 1205 - 1225 consolidation zone. Quite a wide range, with some spike attempts (likely due to stops) above 1225, but so far always back down to range bottom. DMI is zig-zag, ADX very low. Basically since 23/Sept Gold has lost it's bearish momentum. When something is not trending, play the range. When it starts trending again, play the trend.
So now we are at decision point. Maybe we should buy the range bottom in smaller size and with tighter stop loss. Who knows, if NFP disappoints USD bulls, Gold may spike up again. Anyway, if you take this trade, be prudent and cautious in position sizing and stop loss setup.
When to enter a counter trend trade? You can think about it only when price breaks back above 1220.
P.s.: I bought 0,5 unit at 1207,25 today. First tgt 1220, Stop at 1202.
4 Hrs: 1205 - 1225 consolidation zone. Quite a wide range, with some spike attempts (likely due to stops) above 1225, but so far always back down to range bottom. DMI is zig-zag, ADX very low. Basically since 23/Sept Gold has lost it's bearish momentum. When something is not trending, play the range. When it starts trending again, play the trend.
So now we are at decision point. Maybe we should buy the range bottom in smaller size and with tighter stop loss. Who knows, if NFP disappoints USD bulls, Gold may spike up again. Anyway, if you take this trade, be prudent and cautious in position sizing and stop loss setup.
When to enter a counter trend trade? You can think about it only when price breaks back above 1220.
P.s.: I bought 0,5 unit at 1207,25 today. First tgt 1220, Stop at 1202.
