Gold – Watch Out for the Mess

16 Oct - GOLD Daily

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Hi All,

Since my last commentary on this precious metal (see article), price did go in my favour BUT it did so very reluctantly. As you can see from above, price has been pretty choppy and the bulls & bears are in a clear tug-of-war even though the bears are leading very slightly. Price is currently testing the recent low (~1270) and, if it continues to move lower, will test the next support (~1190). I really don’t like such price actions and I’m happy to sit aside until it breaks above the downward trend line or when it test the extreme low.

These are the days were we, as traders, need to be patient… because  taking a low probability trade on ugly price action is really not worth our time and money investment.

Anyway, thank you for reading and happy trading!!

 

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