FXSalt New York Session Watch

FX:XAUUSD   Gold Spot / U.S. Dollar
175 0 0
After the bullish engulfing candlestick pattern in Golds market, the price continues to surge higher despite the fact that theoscillators are showing overbought conditions. The long term trend is still down as the price remains below the 200 period golden moving average. The volatility in this market continue to increases as we can see through the Average True Range (ATR). We are at the upper band of the Bollinger Band which could cause the market to pause for awhile before continueing its upside movement. The Stochastic indicator and Commodity Channel Index ( CCI ) are showing the price is overbought which could slow down the price. But given the short term trend has turned bullish , coupled with the bullish engulfing bar candlestick pattern, we could potentially have great buying opportunities in today's New York session.
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