Gold – I Need Price Action For Clarity

23 Jan - Gold Daily

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Hi All,

Since my commentary on the 6th Jan and 16th Jan, Gold has not made any major moves. Instead, a wedge has been forming (Orange pattern).

I get quite annoyed when price action does not show conviction. While the Long set up from the upward trend line is still valid (as shown on 30th Dec), I have a short term resistance zone in front of it (purple box). This is supported by a downward channel.

As there’s no clear direction just yet, I’m going to sit aside and watch this very closely. I need Price to show me some direction.

Thank you for reading and happy trading!!

 

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