Gold - Hold longs, multi time frame bullish Kumo breakout soon?
Bullish momentum and indicators have been improving a lot since we opened the outright longs and the bullish call spread on back of the idea that gold was building a bottom around 1280-1290 and was likely to reverse up.
Daily: Slow Stoch has been marching up, and more importantly MACD is about to give a buy signal too.
4 Hrs: Price is "consolidating" within the Kumo Cloud, but this consolidation has a very strong bullish momentum, the wave pattern shows bulls are more and more confident. Actually the price is about to break above the Kumo. This bullish break can accelerate further and get more confirmation after in next wave price makes a break even above the horizontal 1315 resistence and 100 WMA, in line with breaking above the daily Kumo too. In that case 1335-1340 price target will be in focus very soon.
Hold longs and the bullish option Call spreads. Meanwhile move the trail the stop up to 1289-1290.
Daily: Slow Stoch has been marching up, and more importantly MACD is about to give a buy signal too.
4 Hrs: Price is "consolidating" within the Kumo Cloud, but this consolidation has a very strong bullish momentum, the wave pattern shows bulls are more and more confident. Actually the price is about to break above the Kumo. This bullish break can accelerate further and get more confirmation after in next wave price makes a break even above the horizontal 1315 resistence and 100 WMA, in line with breaking above the daily Kumo too. In that case 1335-1340 price target will be in focus very soon.
Hold longs and the bullish option Call spreads. Meanwhile move the trail the stop up to 1289-1290.
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