Gold is stuck in range- my trading plan
Since the beginning of the month(2 weeks now), Gols is stuck in a range between 1770 and 1790 (with some marginal spikes).
Is unlikely for Gold to stay so much in a 1% range and I expect big moves once this range is broken.
Looking at the chart, we have a first leg down from above 1860 under 1770 (1000 pips) and this recent rectangle could mean consolidation before continuation to the downside.
In conclusion, my bias for Gold remains bearish, but, XauUsd above 1800, although would not change my bearish opinion, would put a pause
Is unlikely for Gold to stay so much in a 1% range and I expect big moves once this range is broken.
Looking at the chart, we have a first leg down from above 1860 under 1770 (1000 pips) and this recent rectangle could mean consolidation before continuation to the downside.
In conclusion, my bias for Gold remains bearish, but, XauUsd above 1800, although would not change my bearish opinion, would put a pause
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