Gold / XAUUSD – On the daily time frame this precious metal is currently retracing from $1250 lows.
The fall from above the $1300 zone have made many gold bulls afraid to enter at these levels.
The downtrend line which is acting as resistance at the area above the $1300 zone has proven itself to be quite a strong area for the bulls to clear before we can see price northwards resumption.
Currently gold price is still trading below its moving averages. I would not do anything at this moment and would remain sidelined.
I will be looking for prices to go higher as it ascend and probably retest the $1300 level before looking for a short entry on gold.
There is not much in terms of resistance before $1300 except for the moving averages acting as resistance at this point.
Below $1250, there is also not much in terms of support all the way through to $1200.
So, I will wait out for now before taking any trades on gold.
There are many other markets that you can look to trade. Lets leave this one out for a while.
To your success!
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