I don't think I've ever posted on gold yet, well here it is! =D
The story of the day is that there is no story, lol gold is still stuck within a range between 1208.6 / 1183.40
One thing to note is that price is still below the Daily 200 Moving Average, and that it can break the range to the upside and test the bigger picture 50% Fibonacci resistance at 1224.20 (Confluent with the Daily 200 MA), in which I will look for bearish evidence to enter short at that area. If you're looking for a shorter term play then if you move down to the 4hr/2hr time frames you will find the current range very much trade-able. Offering range trading with at least 1:2 Risk/Reward. =)
Cheers
The story of the day is that there is no story, lol gold is still stuck within a range between 1208.6 / 1183.40
One thing to note is that price is still below the Daily 200 Moving Average, and that it can break the range to the upside and test the bigger picture 50% Fibonacci resistance at 1224.20 (Confluent with the Daily 200 MA), in which I will look for bearish evidence to enter short at that area. If you're looking for a shorter term play then if you move down to the 4hr/2hr time frames you will find the current range very much trade-able. Offering range trading with at least 1:2 Risk/Reward. =)
Cheers
