Good Afternoon Dynamic Traders
I want to check in on Gold today – could we see a rally for this precious commodity in time for the festive season?
Let’s check out price action. As we all know, the bias is very much bullish so our preference is a long.
We currently have a short-term trendline propping price up and interestingly price has tagged an important fib breather level in the same zone. For those traders who like pullbacks and have a bit more of an aggressive trading appetite, a pullback signal has appeared and can be taken advantage of. The key is ensuring your target is hit before the yearly high – although you should be prepared to stick to the trade, as price could continue to go sideways before it’s next move. For those standing aside for now, a break of the recent high/1800 level could be an opportunity for a short-term trade or further patience will be required for a break of the major figure – consult your dynamic toolkit as price action unfolds.
The markets can act a little differently this time of year, so it’s worth looking at seasonal patterns too when gathering your confluences.
Smart Trading.
Sonia Molina
Tags: gold
