Gold traded higher in the first part of the day on Monday and then sold off in the afternoon to close at 1258.8. The day ended with a doji candle that had penetrated the upper BollingerBand but then sold off and closed between the 2 upper BBs. Remember the red BB is set to 2 Standard Deviations and the cyan BB is set to 1.5 Standard Deviations.
Gold is also trading above the 6 and 8 day moving averages. All this supports a continued bullish outlook. This is also confirmed by the 3rd strong green Heikin-Ashi candle that you can see on the chart below. Until at least one of these changes, I will be maintaining my long positions.
Finally, if you look at the long term volume profile on the chart below, I've put a rectangle around the area on the left where it looks like price is trying to fill in. There's a low volume node at 1280 that could act as a magnet and then resistance for price.
Disclaimer: this post is for educational purposed only. Trading is at your own risk.
Gold is also trading above the 6 and 8 day moving averages. All this supports a continued bullish outlook. This is also confirmed by the 3rd strong green Heikin-Ashi candle that you can see on the chart below. Until at least one of these changes, I will be maintaining my long positions.
Disclaimer: this post is for educational purposed only. Trading is at your own risk.
