Spot Gold price action
Time Frame : Intraday 4 Hourly Chart
Spot Gold is at a key level which we will need to watch closely. Price has extended into the level which signals a pullback is on the cards soon which would be healthy before any uptrend. What we are watching for now is whether price is going to range trade or trend up. The longer term trend down off 1962 is over in the near term but it remains unclear as to whether we should load the boat long or wait for more confirmation. We see one of two scenarios playing out…a move back below 1760 and some range action or an extended move up through the level and then a pullback to retest before a rally. The USD is under pressure so the ‘Bull’ in me says a retest so buy now, but the ‘trader’ is saying to be patient….so watching and waiting for now as local Gold stocks on my radar are not showing constructive price action just yet.
Commodity : Spot Gold
Current Price Spot XAUUSD : 1763
Status : On watch for Gold to move higher