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. =)
Cheers
Comments
Technician
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Has been a pretty tight range indeed, we need some action
GcNaif
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hi tech , yea gold in range or rather we could call it as accumulation area b4 the big move, i think if the last week low gives up then the pink bat pattern will be in action for its move towards D area . small pink lines are possible C point for the Green ones
Technician
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mmm, i am betting on the bearish scenario, as i have been short silver for a while
Daniel.B
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I just realized you guys commented on this lol. Yea definitely need some action, everything has been pretty slow for the most part
moneymaking
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I actually trade gold futures and this long term outlook will definitely help. Thank you for sharing and Good Luck !!