Stuck in a frustrating range, nice for scalpers but frustrating for traders looking to hold a position. When we're in a scenario like this and you are going to trade then its best to use your levels and trade support to resistance, resistance to support. We've shown the potential trends and the levels on the 15M chart to make it easier to see and trade. Just as we suggested yesterday, one of the key levels needs to break in order for this to make its move so we'll remain with no bias to long term direction for now.
Our only position is the short trade we are still holding 30% of from last week which is around 1828 with the stop moved to entry.
Whats to come? We can see another push up towards that 1818-20 level where we would hope it finds resistance again. Our range is 1809 to 1816/18, accumulation like this before a big news release (NFP) is likely to cause a big break out in Gold . Bulls are looking for 1900 and bears are looking for 1700. What a coincidence, we're consolidating near enough in the middle of both price points!
Please trade safely, ideally with smaller lot sizes than usual and with a stop loss in place.