Day Trading gold

Day Trading Gold Market

After seeing gold buyers try to close above the double top 1330.00 price, ( and they did), they end by failing because of they lack of commitment from buyers side.

This it’s actually a good thing for gold buyers who mist last opportunity to get gold for cheap.

Seeing today Gold dropping by more than 2% is actually a good thing, since it was overbought in a short term. And it’s always a good thing to see a nice retracement from the market before making new highs.

day trading gold

Day Trading Gold Market daily chart

Gold Sellers testing a bullish trend line ( in green), and with those kind of volatility, it look like they will break the bullish gold trend line. Once this will be done, they should stop in the range price of 1290.00 and 1275.00 , by making an Inverted Head and Shoulders. After what we should see buyers jump back,  to retest last highs at 1340.00 gold price,