Ichimoku Gold Futures: Trade Analysis 1/31/10

Below is the weekly chart of @YG Gold futures chart from Tradestation.   The weekly chart shows that gold futures are finally in a major pullback.   If the pullback causes a trend reversal, we are not sure yet because there are no clear signals yet.  We have to see what will happen.   Most like, there will be one last bullish run before the trend reverses.

Here is the daily chart.  It clearly shows we are are bearish.   Since the trend on the weekly is still bullish but in a pull back mode, we can not take a long term trade yet.  If you are countertrend trader, you can play the bearish trade on the daily chart.  If you are a “pure” trend trader then you have to wait for a clear bullish signal on the daily timeframe.

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About the Author Manesh Patel