Gold continues to range, probably needs to retrace (XAUUSD)
The weekly chart is obviously still sitting at resistance and gold is not bearish per se I just think they could be distributing it before a retracement. We've been in this area long enough to be sure that we're not in an impulse wave up, rather a corrective wave down, not that I believe in elliot wave, those are just the only words that really fit to describe it. On the daily, it would be nice to see Gold cool off some more, with a proper retracement, but they market is always right, so nothing really says that must happen. Basically now we wait for the market to make a decision because it will probably be a nice move.
The colored zones are actually based on fibonacci moving averages, and I have them set up to reflect what I see when I look at these moving "channels" as far as a daily bias.
Gold can be a challenge :)
The colored zones are actually based on fibonacci moving averages, and I have them set up to reflect what I see when I look at these moving "channels" as far as a daily bias.
Gold can be a challenge :)
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