Gold – Sitting Between Support and Resistance

21 Jan - Gold 4 Hr Trading Gold(Click on image for larger view)

Hi All,

Just a quick update on my favourite commodity. Looking at the chart above, Gold is currently facing some intense Resistance – Trend line, Hor Resistance and a price action wedge pattern. All these versus the almighty 1180 Support level – which I’ve pointed out on the 6th Jan (see article).

Trade what you see and not what you think. At the moment, I don’t really know where price will head in the long term but if price does break out of that wedge, my immediate target will be 1180. However, if price breaks above the resistance, then I’m quite certain the big boys are buying the market too and I’ll follow suit. Until then, I shall wait for more price action confirmation.

Thank you for reading and happy trading!!

 

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