A very interesting day yesterday, with gold selling off hard and finding support at 1532, only to finish the day almost unchanged. This meant our long position was stopped out at break even.
This price action formed a "hammer" on the charts, which is generally a bullish candlestick, particularly as the low was higher than the previous low at 1526. However, there has been no follow through buying this morning and the market still looks weak so we are waiting on the sidelines for now.
Today's video looks at the action of the past week in more detail and outlines our strategy for taking our next long position.
This price action formed a "hammer" on the charts, which is generally a bullish candlestick, particularly as the low was higher than the previous low at 1526. However, there has been no follow through buying this morning and the market still looks weak so we are waiting on the sidelines for now.
Today's video looks at the action of the past week in more detail and outlines our strategy for taking our next long position.