A traders golden playbook for the week (sorry, not sorry)
We see gold in a pretty neutral spot - although todays candle is defined as an inside bar and subsequently a break of Fridays high-low range (1812 to 1796 - 1 & 2) should set a clearer ST trend. On the upside sellers have capped rallies into the 38.2 fibo at 1814 (1), so a break here takes price to the weekly XAUUSD implied volatility move of 1841 - we can hold a 68.2% level of confidence price will not break here this week.
On the downside, and a break of 1796 could see price into 1775.
So ST we're defined by Friday's range - but a break and I look for 1841 or 1775...I'd be fading moves here this week.
Watching real yields and the USD as always.
Trade well
On the downside, and a break of 1796 could see price into 1775.
So ST we're defined by Friday's range - but a break and I look for 1841 or 1775...I'd be fading moves here this week.
Watching real yields and the USD as always.
Trade well