Gold is having problem to move above 1480 , price stacked at this level for very long time. Meaning 1480 become value acceptance for buyerS and sellers. Here is a tug of war for Buyers and Sellers.
Let see what happen last week;
Gold had aggressive buyer from 1457-60 area, then .... rejected above 1480, and fast liquidation back to 1460 area again. But the next day, buyer keep buying it at that level with heavy volume... and where is it now ? Stacked at 1480 area, again. What is going on there ? Well, sellers and buyers come In the same place. Ideally this will break above 1480 and make a change. But.. Any failure will cause Fast liquidation and may meet 1450 low.
So .. I wait for longer term move. But if I trade for day trade, I will try small buying at 1474-75 area. But we still can’t see for further move decision.
Let see what happen last week;
Gold had aggressive buyer from 1457-60 area, then .... rejected above 1480, and fast liquidation back to 1460 area again. But the next day, buyer keep buying it at that level with heavy volume... and where is it now ? Stacked at 1480 area, again. What is going on there ? Well, sellers and buyers come In the same place. Ideally this will break above 1480 and make a change. But.. Any failure will cause Fast liquidation and may meet 1450 low.
So .. I wait for longer term move. But if I trade for day trade, I will try small buying at 1474-75 area. But we still can’t see for further move decision.