GOLD (XAUUSD) Where are We NOW?
Updated
if you are struggling to make predictions on gold atm, you are now alone.
I am also stuck with its price action and behavior during the last two weeks.
technically the price is now trading in the middle of August's trading range.
the support of the range is based on the rejection wick of 12th august candle and two major rising trend lines that expand the support of the rage as time flows.
the resistance of the range is based on the all times market high.
in my view, classic trend following strategies is not the option right now because of the lower high formation on 2000 level.
shorting will be the option only in case of a strong confirmation signal on a lower time frame and only from a major resistance.
from a current perspective, I would suggest you let the market decide first.
let's wait for some news or some other trigger that will make the market move, and then just follow.
Note
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