GOLD - Take it Slow
We can see by looking at the weekly time frame that a horrible indecisive candlestick has been left, followed by a bearish daily candle closure with a large wick. When we see wicks like these on the daily time frame they tend to get filled, you may see some bearish momentum at market open.
We will be leaving gold alone until it breaks out of the 4-hour range marked, for the moment the true direction of XAUUSD is unclear and we should wait until the market gives an indication before placing a buy/sell position.
(COT Data Source - 49% SHORT 51% LONG) - This is very neutral, potentially why we are seeing such indecision.
We will be leaving gold alone until it breaks out of the 4-hour range marked, for the moment the true direction of XAUUSD is unclear and we should wait until the market gives an indication before placing a buy/sell position.
(COT Data Source - 49% SHORT 51% LONG) - This is very neutral, potentially why we are seeing such indecision.
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