Gold Prices are back at the bottom of their trading range
After approaching the top of their trading range from last spring, Gold prices plunged lower and are now back at the bottom of that trading range, near 1673.
USDJPY is soaring, which often has a negative effect on Gold prices, but for now the precious metal is holding the bottom of its range.
The Red Zone is looming above, which makes the next rally important, assuming Gold prices rally at all... if the next rally fails, we could see a much bigger selloff. If the next rally can close above the red trendline, we will have a massive breakout.
For now, I have bought back into Gold Futures (Long) at the bottom of the range, targeting a move towards the upper end of the trading range.
USDJPY is soaring, which often has a negative effect on Gold prices, but for now the precious metal is holding the bottom of its range.
The Red Zone is looming above, which makes the next rally important, assuming Gold prices rally at all... if the next rally fails, we could see a much bigger selloff. If the next rally can close above the red trendline, we will have a massive breakout.
For now, I have bought back into Gold Futures (Long) at the bottom of the range, targeting a move towards the upper end of the trading range.