Gold retraces after massive selloutWarning: This is an aggressive trade…
Left chart:
A very strong upward support trend line since July 2017. We found gold can possibly retrace back to 1294 (near the blue upward trend line) or Fib Ret 23.6% (1298).
If this happens, we may have an alert for a bullish MACD divergence. So we called it as PRE-bullish MACD divergence.
On the other hand,
Ichimoku analysis is still in a bearish structure. We found chikou span hooked upward, and the Tenkan-sen and Kijun-sen overlapped, and the price lies the bottom of the red cloud atm. We may expect it is a very strong resistance.
The retracement may finish somewhere near 1292.43
Summary
As there are no confirmation of bullish candlestick patterns, we seem like bottom fishing gold now. All the best !
