Today Gold posted an outside bar and at the yearly highs, but this one is a little strange as it represents a lot of two way price action with the long wick/rejections on both sides followed by a modest bullish close.
Short term, this translates into a trading range with plays at the highs & lows of the outside bar - thus, intraday traders can look for plays on both ends. It should be noted price action is holding towards the upper end of this recent consolidation suggests upside pressure and likely breakout soon. Bulls can wait for a breakout pullback setup above the $1790 level while bears can take shorts close to the highs with tight stops above.
Upcoming Economic Announcements:
|AUD Reserve Bank of Australia Rate Decision||00.30EST|
|GBP Nationwide House Prices n.s.a. (YoY)||02.00EST|
|GBP Purchasing Manager Index Construction||04.30EST|
|EUR Euro-Zone Producer Price Index (YoY)||05.00EST|
Make sure to check out my newest articles:
Setups, Price Action & Context