A lot of traders act like locusts. They all swarm together and hit the juicy crops until either there’s nothing left to take or they get nailed by a big can of Raid.
Gold feels a lot like this. It’s not moving the same way as it once did on USD moves. It indicates that a lot of people got burnt in that big clear out and they have lost interest in coming back.
So the market is perhaps now behaving naturally now the “fashion” crowd have been cleared off.
It was and still is a very good technical market to trade.
Recently $1400 kept the price in check and breaks were contained buy the 61.8 fib and 200 h4 ma. Recently the 55 and 100 H4 ma’s have done the job also.
Down below $1372 has proved to have been both support and resistance on several occasions.
The top side isn’t looking very strong and any moves up are well sold into which will add bias to a further move down.
Bulls (if there are any left) will want to firmly crack $1400 and take out the $1422 area.
While we go sideways once more and the market is fairly calm then playing the tech at the range edge is the way to go.
The question is;
