My ideas on gold for a Long scenario - remember I don't normally trade gold. This is for some of my students who occasionally dabble in the commodities scene. Also the chart highlighted on screen is only showing 30% of my analysis. My students will know what else I use as confluence
Possible channel-range for Gold. Perhaps moving sideway until the end of this month? It's best to stay neutral in my opinion now. Do let me know what you think. Happy trading and have a good week traders!
Gold is at a short term resistance and bearish candlestick pattern has been witnessed on hourly chart. I suggest to got short with very tight stop loss .
A few attempts to exit the 4 hour cloud were denied as can be seen with the long wicks on the candles in the 4 hour cloud. In the one day the price is under the cloud and the 26 period lag is under the price. Another attempt to breakout of the 4 hour cloud / attempt to enter the 1 day cloud is likely (pullback) and then more down to test the support area around...
