Gold Retreats Prior to President's Speech before Congress
The bull run of Gold paused today as gold sold off, hit the 6 day moving average and then closed at the middle of the range. Today's doji is the second in a row. Unfortunately for the bulls, as the Asian session opens up, the precious metal is now trading below those moving averages. However, you can expect extra volatility tonight as the US president addresses a joint session of Congress.
The Heikin-Ashi chart shows price right at the 8 day moving average. The doji today, while green, is signaling indecision. This makes sense as the world awaits Trump's speech.
The somewhat elongated node in the long term Volume Profile on the left is acting as temporary resistance at 1256.
The Heikin-Ashi chart shows price right at the 8 day moving average. The doji today, while green, is signaling indecision. This makes sense as the world awaits Trump's speech.
The somewhat elongated node in the long term Volume Profile on the left is acting as temporary resistance at 1256.
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