theforexbankk

GOLD NEXT POSSIBLE MOVE

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
After a huge accumulation in this area 1880-1920 the price has reached a very important area . I expect a rather ranged session today, unless Wall Street opens with positive Stock markets gap which will add Bearish pressure on Gold . I remain Bearish on Short-term with Stock markets chart as my main point of interest. I am sure in Selling outlook but without Medium-term opening still under lot’s of doubts, the best way to trade Gold is to wait for either breakout or breakdown. And, due to US elections we need to be extra careful in dealing with gold .Decent decline on late U.S. session yesterday as I’ve expected the Selling sequence. It was textbook Selling opening, but with the Stimulus speculations still visible on the news, Gold could be a Bull option and invalidate Technical proper trend.Daily and Weekly chart turned Bearish and keep in mind that as discussed throughout this week, the trend is Bearish most likely because the Daily chart and since Stock markets should pull back as next week approaches and counterbalances the decline on DX , keeping Gold on equilibrium until one of the two reverses. Personally, I give more probabilities to the decline from this point. Bottom line, best option at the moment is to Trade the breakout if MA50 on Daily chart breaks, Gold will be calling for #1,950.00 contact point. If however 1,889.00 breaks, I will use that as an Selling opportunity towards #1,870.00 extension.
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