After booking huge Profits on both of my sets of Sell orders yesterday (which makes it #14 Profits in a row with only #2 Stop-loss hits), Volatile Price-action is visible towards the U.S. session opening Bell (Hourly 1 chart Bearish Gap fill which was bought back instantly) as in the absence of high impact macroeconomic reports (besides Fed announcement later on today's session), Gold is inside a range on the last three Hourly 4 candles. Notice how this is taking place exactly above the Hourly 4 #MA50. As long as Gold stays below #1,972.80, the Short-term bias is Bearish towards the Hourly 4 #1,927.80 Support and Support which is been holding since September #9. If however #1,972.80 breaks, I will most likely have a Bullish break-out signal towards #1,988.80. If today's announcement leave the Rate unchanged, probably Gold will turn from Bearish to Bullish on Medium-term and will continue Trading within a Channel Up. Trade accordingly but do not take excessive risks as the week is just begun and during the week Gold may have high impact news and #30-40$ Swings on both sides. I am Medium-term Trader and for now I don’t see such opportunity to position myself, so will wait for area to be Engulfed and then make my move. I won't rush and endanger my Monthly Profits, I will Trade the breakout. If the Rate remains unchanged and #1,972.80 gets broken, I won't hesitate to engage my set of Buy orders. However, if Support of #1,955.80 gets broken, Gold should be calling for #1,937.80 extension.
hi bro, good explanation for today, yes it will have swings both ways, somehow i feel buyers getting exhausted but they wont give up so easily, personally would like to see 1920s and then break 1900s, the range you specified looks correct as well, no doubt there is bullish bias but again as always its so volatile that analysts and traders need to wait for indications on 1 way side.
goldenBear88
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@anand1988, Many thanks for your input. It was great idea to Trade the Breakout indeed.