Daniel.B

Another area of indecision / consolidation

FX:XAUUSD   Gold/U.S. Dollar
337 6 4
I don't think I've ever posted on gold             yet, well here it is! =D
The story of the day is that there is no story, lol gold             is still stuck within a range between 1208.6 / 1183.40
One thing to note is that price is still below the Daily 200 Moving Average , and that it can break the range to the upside and test the bigger picture 50% Fibonacci resistance at 1224.20 (Confluent with the Daily 200 MA), in which I will look for bearish evidence to enter short at that area. If you're looking for a shorter term play then if you move down to the 4hr/2hr time frames you will find the current range very much trade-able. Offering range trading with at least 1:2 Risk/Reward.