Whilst the ECB rate decision and jobless claims barely caused a ripple in the gold market yesterday afternoon, the subsequent press conference by Mario Draghi caused a big EUR sell off and corresponding dollar rally. This sent gold tumbling, before the market found support at the lower boundary of the triangle pattern at 1663 and bounced all the way back up to a high for the day of 1683.
In trading action typical of the last week, gold then sold off again down to 1667, where it stabilised and is currently trading around 1670.
This choppy, volatile price action is very difficult to trade, we are more than happy to spend our time studying the gold market online whilst we wait for a tradeable trend to emerge. This will happen when we break decisively out of the triangle pattern.
Today's video looks at the triangle pattern in more detail and confirms our strategy and anticipated entry points for our next trade.
In trading action typical of the last week, gold then sold off again down to 1667, where it stabilised and is currently trading around 1670.
This choppy, volatile price action is very difficult to trade, we are more than happy to spend our time studying the gold market online whilst we wait for a tradeable trend to emerge. This will happen when we break decisively out of the triangle pattern.
Today's video looks at the triangle pattern in more detail and confirms our strategy and anticipated entry points for our next trade.