Gold – What’s on the Mind of Traders?

15 May - Gold Daily Forex Chart

 

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 Hi All,

As mentioned on 20th Mar (see article), it was established that price is sitting in the middle between a strong Resistance (~1430) and a strong Support (~1180). As I write this post, that remains true.

Also, since my last commentary on Gold (see article), price failed to break below the support level (~1276) and has been consolidating around it.

What’s Driving It?

Some traders belief that is it the fundamentals that is driving the market, others belief that it is market sentiment that will influence it.

I believe both of them are right. However, at the end of the day, the one (or group of traders) that will push price higher or lower, are human beings too. As you are aware, I’m a big advocate of price action and, hence, these are times where I will put myself in the shoes of other traders to see what is in their mind and what they are thinking right now.

Buyers and Sellers are clearly in a tug-of-war now, I believe many are waiting for clearer signals too. As mentioned in my book “How to Read Price Action?”, I always look for the leaders in the market. Because Market Psychology is the core of how I trade, at this point in time, I am sitting aside and waiting patiently.

 

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