goldenBear88

Gold continues to Trade with Buying pressure

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Strong rejection on the #1,882.80 December #4 - #12 High following the Fed Rate (usual Volatility) aftermath. The rejection has so far delivered a pullback on both Hourly 1 #MA50 and Hourly 4 #MA50 again, zone that in my view plays the role of the Pivot within the #1,848.80 Support and #1,892.70 Resistance. As long as this Support holds, the Hourly 4 #MA50 is coming strong from below to offer the Support (and rebound point) it has done so since November #27. Fundamentally the market's eyes are on the holiday break, aswell in anticipation of a new Stimulus package that will continue to support the economy in the same fashion those since March have done. Needless to say, that would be Bullish for Gold Long-term. On an Intra-day basis the only Trading opportunity exists within the Hourly 1 Bollinger Bands, as I don’t see why I should allow additional risk on Low Volume sessions such as December #24 - #28. No Trading outside of this. I am ready to Buy if Resistance gets invalidated.

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