Gold Moves Up but Can't Break Resistance on Light Trading Day
Gold rose 2.1 points on Monday in very light trading as the US markets were closed in honor of President's Day. Gold penetrated the 6 and 8 day moving averages at the low of the day but closed above them. The precious metal is trading sideways for now.
This sideways trading is even more pronounced on the Heikin-Ashi daily chart with 6 of the last 8 candles being Dojis. I've also added Ichimoku clouds to the chart. All the indicators are bullish, for now but I've seen Gold stay in these tight ranges for weeks at a time.
The final chart tonight is the Volume Profile view. You can see that price has tried to poke out of the upper value area on the short term profile (on the right) but has so far failed in those attempts. It's also interesting that the upper value area on the intermediate term volume profile is just on top of this so there seems to be a lot of pressure containing Gold's upward movement.
Disclaimer: This commentary is for educational purposes only and is not to be taken as trading advice.
This sideways trading is even more pronounced on the Heikin-Ashi daily chart with 6 of the last 8 candles being Dojis. I've also added Ichimoku clouds to the chart. All the indicators are bullish, for now but I've seen Gold stay in these tight ranges for weeks at a time.
The final chart tonight is the Volume Profile view. You can see that price has tried to poke out of the upper value area on the short term profile (on the right) but has so far failed in those attempts. It's also interesting that the upper value area on the intermediate term volume profile is just on top of this so there seems to be a lot of pressure containing Gold's upward movement.
Disclaimer: This commentary is for educational purposes only and is not to be taken as trading advice.
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