Gold – Patience Trumps Gold Anytime

24 Apr - Gold Daily Forex Chart(Click on image for larger view)

Hi Traders,

Since my last commentary on 20th March (see article), price broke out of the price channel, tested another soft support level (~1724) and managed to bounced off it. Looking at the precious metal again, it’s now back to test that level since that last bounce. Because the soft level has been tested in the past, the next drop will tilt my bias towards the bears. On the other hand, if price moves higher, I need price to move above it’s recent high (also a big number ~1400), the bulls and bears remain in what seems to be a tug-of-war.

In all honesty, these are some of the days where the market is testing our patience. While the market is slow to unveil itself, traders need to stay calm and wait for clearer directions. Remember that price is now in sitting in the middle of a range (as mentioned on 20th March), and uncertainty is expected. If you want to be a winner, don’t try to beat the market. Patience trumps the Gold market at the moment, in fact, patience trumps any market any time.

Cover TYE PageLastly, I thought you would like know about my plans to launch my new book “The Secrets of Trading The First Pullback: A Price Action Guide For Understanding Market Pullback That Works“, it will be launched in conjunction with my birthday on Sunday 27th April. Make sure to stay tune as I will be offering great discounts for it.

Once again, thank you for reading and happy trading!!  🙂


Leave A Response

* Denotes Required Field