Gold- Today could be Pivotal Day for Market Direction"
As explained in yesterday's video, Gold is still in a bearish structure overall.
However, after the incapacity to break under 1855 during the trading day, I decided to close my short trade with a minimal 30 pips loss and decided to wait and see.
As the title suggests, today is a very important day for Gold traders, and after inflation and FED minutes the direction could become more clear.
On one hand, as I explained, Gold is still bearish overall, and a spike up and reversal during the day could reinforce this outlook and could very well put a top in place.
On the other hand, a spike down and reversal to the upside or a direct rise and daily close near the top of the range could mean a reversal of the longer-term trend to the upside.
However, after the incapacity to break under 1855 during the trading day, I decided to close my short trade with a minimal 30 pips loss and decided to wait and see.
As the title suggests, today is a very important day for Gold traders, and after inflation and FED minutes the direction could become more clear.
On one hand, as I explained, Gold is still bearish overall, and a spike up and reversal during the day could reinforce this outlook and could very well put a top in place.
On the other hand, a spike down and reversal to the upside or a direct rise and daily close near the top of the range could mean a reversal of the longer-term trend to the upside.
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