Gold Range Bound Market Shows Buyers a bit Lower

Dear Traders,

Gold is still bullish. However, some profit taking moved the price lower so at this point we have a range bound market.

By looking at the chart we can see the zones where the price might eventually reject and bounce from. This is a ranging market now, where the bulls are still having the upper hand. We can see that the zone 1635-40 is the first zone for buyers and if the price drops to 1615-1625 we should see buyers again. Sellers come at 1655 zone and 1675. Until the range is taken out we will see the price between the zones.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.