Gold chart, in follow up to the SPX500 which is in my watch list. (Trade idea here: www.tradingview.com/v/jthsWgM7/)
Price is currently tricky. I suspect we could see some ranging moves until FOMC minutes. Given that the sentiment of Gold is mixed, Gold could actually trap a both the bears and the bulls during the consolidation period.
Alternatively if price pushes higher, it could go to retest 1310 levels. A confirmed support at 1271/72 could give some clues to taking long positions.
If today closes lower, then until the lower end of the range is cleared decisively, short positions can be risky. RVI has support between 50 - 40 and resistance at the 60 - 80 level, which indicates a consolidation until a break out occurs.
At the moment, we are noticing retracements across most JPY pairs incl. SPX. So this downside move in Gold should be seen in that perspective (of course, short terms plays in intra-day set ups should work, both long & short).
Overall, from the current market conditions it seems like the Fed might taper a bit more... unless price tells us something else.
Price is currently tricky. I suspect we could see some ranging moves until FOMC minutes. Given that the sentiment of Gold is mixed, Gold could actually trap a both the bears and the bulls during the consolidation period.
Alternatively if price pushes higher, it could go to retest 1310 levels. A confirmed support at 1271/72 could give some clues to taking long positions.
If today closes lower, then until the lower end of the range is cleared decisively, short positions can be risky. RVI has support between 50 - 40 and resistance at the 60 - 80 level, which indicates a consolidation until a break out occurs.
At the moment, we are noticing retracements across most JPY pairs incl. SPX. So this downside move in Gold should be seen in that perspective (of course, short terms plays in intra-day set ups should work, both long & short).
Overall, from the current market conditions it seems like the Fed might taper a bit more... unless price tells us something else.