Gold Moves Sideways in Light Trading
As the Fed meeting is scheduled for this coming Wednesday, trading was very light today for the precious metal. Price hovered just above the 1200 mark after hitting a high of 1210.9. That price level coincided with the 6 day moving average as well as the 21 weekly moving average. You can see those levels on the chart as the purple cross and gold dot respectively. Until price closes above the 6 day moving average, I will maintain my short positions.
Note that Monday was the 9th red Heikin-Ashi candle.
As I had written about last Thursday, there's a low volume node on the volume profile at 1190 and that's where Gold had traded to on Friday. That's still a level of interest. Watch how much support it provides if and when price gets back down to that level.
Disclaimer: This post is for educational purposes only. Trade at your own risk.
Note that Monday was the 9th red Heikin-Ashi candle.
As I had written about last Thursday, there's a low volume node on the volume profile at 1190 and that's where Gold had traded to on Friday. That's still a level of interest. Watch how much support it provides if and when price gets back down to that level.
Disclaimer: This post is for educational purposes only. Trade at your own risk.
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