Gold Pauses and Hits Resistance
Gold traded higher in the first part of the day on Monday and then sold off in the afternoon to close at 1258.8. The day ended with a doji candle that had penetrated the upper BollingerBand but then sold off and closed between the 2 upper BBs. Remember the red BB is set to 2 Standard Deviations and the cyan BB is set to 1.5 Standard Deviations.
Gold is also trading above the 6 and 8 day moving averages. All this supports a continued bullish outlook. This is also confirmed by the 3rd strong green Heikin-Ashi candle that you can see on the chart below. Until at least one of these changes, I will be maintaining my long positions.
Finally, if you look at the long term volume profile on the chart below, I've put a rectangle around the area on the left where it looks like price is trying to fill in. There's a low volume node at 1280 that could act as a magnet and then resistance for price.
Disclaimer: this post is for educational purposed only. Trading is at your own risk.
Gold is also trading above the 6 and 8 day moving averages. All this supports a continued bullish outlook. This is also confirmed by the 3rd strong green Heikin-Ashi candle that you can see on the chart below. Until at least one of these changes, I will be maintaining my long positions.
Finally, if you look at the long term volume profile on the chart below, I've put a rectangle around the area on the left where it looks like price is trying to fill in. There's a low volume node at 1280 that could act as a magnet and then resistance for price.
Disclaimer: this post is for educational purposed only. Trading is at your own risk.
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