The situation for gold is complicated as the price showed a significant growth on large volume yesterday. Also the new support 1271.40 was created during the move. So until its breakdown we can’t consider short positions. On the other hand, there is a downtrend and huge volume accumulation at the top of the chart. So opening long positions is quite risky at the moment. Moreover, the price is trading in some kind of local consolidation, that’s why the best decision will be waiting for its exit from the range. The move should be sharp and on large volume. Until that it is better to stay out of the market.
The bottom line: waiting for the exit of the price from the local range
The bottom line: waiting for the exit of the price from the local range