Forex & Gold Good afternoon, everyone!
Gold surged and then pulled back this morning, continuing to retreat and hover around 4043. Overall, the market has not sustained a one-way trend today and has moved fully into a standard range-bound consolidation. The market action was clear this morning, and we successfully secured profits on two trades!
At midday, the tug-of-war between buyers and sellers is intensifying. The short-term direction is unlikely to emerge quickly, and the market is still moving in a choppy, stop-hunting pattern.
On the hourly chart, bullish momentum has faded. The moving averages are flattening and the Bollinger Bands are contracting, while the pullback from the highs is clearly corrective. Overall, the market has entered a period of consolidation.
On the 15-minute chart, short-term highs and lows are repeatedly switching, with buyers and sellers pulling back and forth. Follow-through is extremely weak, making this market well suited to range trading.
Midday range: 4036—4068
Midday trading plan: Sell at the highs and buy at the lows only!
Sell near 4068 on a rebound
Buy near 4036 on a pullback
Stay out around the midpoint; only trade when price reaches the edges of the range. Be patient in a choppy market and always use a strict stop-loss! #XAU $XAUT
Gold surged and then pulled back this morning, continuing to retreat and hover around 4043. Overall, the market has not sustained a one-way trend today and has moved fully into a standard range-bound consolidation. The market action was clear this morning, and we successfully secured profits on two trades!
At midday, the tug-of-war between buyers and sellers is intensifying. The short-term direction is unlikely to emerge quickly, and the market is still moving in a choppy, stop-hunting pattern.
On the hourly chart, bullish momentum has faded. The moving averages are flattening and the Bollinger Bands are contracting, while the pullback from the highs is clearly corrective. Overall, the market has entered a period of consolidation.
On the 15-minute chart, short-term highs and lows are repeatedly switching, with buyers and sellers pulling back and forth. Follow-through is extremely weak, making this market well suited to range trading.
Midday range: 4036—4068
Midday trading plan: Sell at the highs and buy at the lows only!
Sell near 4068 on a rebound
Buy near 4036 on a pullback
Stay out around the midpoint; only trade when price reaches the edges of the range. Be patient in a choppy market and always use a strict stop-loss! #XAU $XAUT
