Gold bugs return above 1900
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Gold prices enjoyed their best day in nearly three weeks on Friday, with clear bullish range expansion helping it to rally from the 200-day EMA after finding stability above 1900 on Thursday.
However, Friday's high met resistance at the 50/100-day EMAs and prices pulled back to the 200-day average. Given we have an FOMC meeting looming this week, we might find price action on the choppy side leading into the event, so intraday trades are currently preferred.
The 1-hour chart shows that high volumes accompanied Friday's rally, and diminishing volumes during its late pullback suggest the move to be corrective. The weekly pivot point sits within the prior consolidation range between 1916-1920, so any pullbacks towards it will gain our bullish interest - and we'll look for evidence of a swing low for a potential swing trade back towards 1930.
However, Friday's high met resistance at the 50/100-day EMAs and prices pulled back to the 200-day average. Given we have an FOMC meeting looming this week, we might find price action on the choppy side leading into the event, so intraday trades are currently preferred.
The 1-hour chart shows that high volumes accompanied Friday's rally, and diminishing volumes during its late pullback suggest the move to be corrective. The weekly pivot point sits within the prior consolidation range between 1916-1920, so any pullbacks towards it will gain our bullish interest - and we'll look for evidence of a swing low for a potential swing trade back towards 1930.
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