Gold is undecided. Hold it for a bit to get clear direction.
Updated
Based on current structure of Gold price, it is clear that this week or two will decide it's direction for coming months. To me, the direction will be clear only when I see daily price closing in or above/below the rectangles marked on the chart.
If it goes down, more likely it will try to rebound around 1800. If it breaks out will see resistance around 2000.
If I am really impatient, I would think going long might offer better risk to reward than shorting it but wouldn't call yet a high probability trade.
If it goes down, more likely it will try to rebound around 1800. If it breaks out will see resistance around 2000.
If I am really impatient, I would think going long might offer better risk to reward than shorting it but wouldn't call yet a high probability trade.
Note
So far it's following the range rectangle nicely. If it close one more time in or above green rectangle, will give me a bull trade confirmation. It is a good risk to reward for long entry now but still not high probability trade.
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