GOLD IN GRIDLOCKS
Updated
Something interesting is happening to gold and traders must be aware.... The trading range for gold is becoming narrow and getting ready for an imminent burst....
After posting a yearly high @ 1345 area per ounce on 17/02/19 gold has rolled down massively and currently trading around 1282..... As it stands gold is giving us a gridlock to position ourselves if it breaks either to the upside or downside....
That depends on two levels....
For gold to break to the upside, it needs to clear and break above 1290 on daily closing basis to provide us an opportunity to go long and to target the 1300 AND 1322 levels then the yearly highs @ 1345....
On the other side, gold needs to clear the path and break the support level @ 1266 on daily closing basis for any meaningful long term short position for target @ 1229 and 1194 in extension...... Gold is really volatile so we look at it long term.... Personally though!!!!
Gold is more Likely to break to the downside per the price action and chat patterns developing
After posting a yearly high @ 1345 area per ounce on 17/02/19 gold has rolled down massively and currently trading around 1282..... As it stands gold is giving us a gridlock to position ourselves if it breaks either to the upside or downside....
That depends on two levels....
For gold to break to the upside, it needs to clear and break above 1290 on daily closing basis to provide us an opportunity to go long and to target the 1300 AND 1322 levels then the yearly highs @ 1345....
On the other side, gold needs to clear the path and break the support level @ 1266 on daily closing basis for any meaningful long term short position for target @ 1229 and 1194 in extension...... Gold is really volatile so we look at it long term.... Personally though!!!!
Gold is more Likely to break to the downside per the price action and chat patterns developing
Comment
Gold has broken higher.... But for confirmation of the higher levels we need confirmation from 1290 level to hold as support.... As at writing gold is testing 1300 levels.... We wait patiently for the breakout to be confirmed before buying or else we stand the chance of being faked out......
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.