Gold Closes Up 30 Cents and Stays Above Moving Averages
Gold closed up 30 cents on the day to maintain it's position above the 6 and 8 day moving averages. It is also still above the extended closing price line (cyan). All in all, while Gold has been trading sideways for 2 weeks, it is still leaning to the bullish side.
The Heikin-Ashi chart for the day shows a red doji for Tuesday's trading day. This could be a warning that signals the next move will be down.
The volume profile chart clearly shows that Gold is trading under the upper value area on both short term and intermediate timeframes.
Finally, I want to call out the sideways price action that has occurred after price penetrated the upper Bollinger Band. This is usually an indication that the next move will be towards the opposite Bollinger Band. This is what I call a Coast to Coast trade.
While the first couple of charts show Gold as leaning to the Bullish side, the red doji and the Volume Profile and the BollingerBands seem to suggest that Gold as leaning to the Bearish side.
Overall, I'm maintaining a neutral outlook.
Disclaimer: This post is for educational purposes only and should not be taken as advice on trading. All risk is your own.
Finally, I want to call out the sideways price action that has occurred after price penetrated the upper Bollinger Band. This is usually an indication that the next move will be towards the opposite Bollinger Band. This is what I call a Coast to Coast trade.
While the first couple of charts show Gold as leaning to the Bullish side, the red doji and the Volume Profile and the BollingerBands seem to suggest that Gold as leaning to the Bearish side.
Overall, I'm maintaining a neutral outlook.
Disclaimer: This post is for educational purposes only and should not be taken as advice on trading. All risk is your own.
