Goldie - Long But Resistance
Updated
Let's start with the weekly. The ichimoku is bullish and we are well above the conversion line. So we want to be take a long-bias in the analysis. We also see the cybercycle about to cross up which is a sign we should enter soon. But we also have weekly t/l resistance that we rejected from.
I like checking to see where UJ is to compare and see if the same structure exists. Generally these two should move opposite. We can see here, UJ ichimoku is bearish but we are bouncing off some strong weekly support.
Let's move on to the daily chart. The ichimoku is bullish and we have a recent conversion line cross of the base line which is extremely bullish. We also have a daily support line that we are just sitting on. An ideal long at this point would be when the price is above this daily support line, and the cybercycle is crossing up. So at this point just a little nudge upwards would check the boxes. Of course we also see the weekly resistance where we have been rejected 3 times in the last 6 months.
Let's check the UJ daily. Here we can see the weekly support worked very cleanly. This is not great if we want to be long gold. However the cybercycle is near to crossing down again on any weakness. This would confirm the up cross on goldie. Overall this chart says it's safe to be short UJ, but we will need to carefully monitor that weekly support
I like checking to see where UJ is to compare and see if the same structure exists. Generally these two should move opposite. We can see here, UJ ichimoku is bearish but we are bouncing off some strong weekly support.
Let's move on to the daily chart. The ichimoku is bullish and we have a recent conversion line cross of the base line which is extremely bullish. We also have a daily support line that we are just sitting on. An ideal long at this point would be when the price is above this daily support line, and the cybercycle is crossing up. So at this point just a little nudge upwards would check the boxes. Of course we also see the weekly resistance where we have been rejected 3 times in the last 6 months.
Let's check the UJ daily. Here we can see the weekly support worked very cleanly. This is not great if we want to be long gold. However the cybercycle is near to crossing down again on any weakness. This would confirm the up cross on goldie. Overall this chart says it's safe to be short UJ, but we will need to carefully monitor that weekly support
Trade active
cc crossed as expected
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