Weekly and Daily Trading Range XAUUSD
Bollinger Bands are very useful. It can assist us visually up to what price it can reach. I know Gold can reach even beyond 2k but for now, I will temper my expectations with what the Bollinger Bands says. I will concentrate first on the upper to the median line. If it breaks the median line, then I will look at the lower edge of the Band.
To avoid whipsaw in Shorting, it is best that the 5 Day Simple Moving Average in the Daily Chart is used in confluence with Support and Resistance to lessen drawdown when doing so. Gold is very strong in both ways - Going Up and Going Down. Will see next week how Gold will react to the Quarterly Reporting. Will there be liquidity issues and margin calls? If that is the case, then expect Gold to go down once again fulfilling its safe haven status. Using Gold to raise cash. :)
To avoid whipsaw in Shorting, it is best that the 5 Day Simple Moving Average in the Daily Chart is used in confluence with Support and Resistance to lessen drawdown when doing so. Gold is very strong in both ways - Going Up and Going Down. Will see next week how Gold will react to the Quarterly Reporting. Will there be liquidity issues and margin calls? If that is the case, then expect Gold to go down once again fulfilling its safe haven status. Using Gold to raise cash. :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.