Bears Take Control of Gold

Good morning traders,

The higher time frame resistance zone has held nicely and price has made a new low to confirm the rejection:

XAU/USD Daily:

Click on chart to see a larger view.

As you can see on the daily chart above, the bears are firmly in control of the market.

Now stepping into an intraday chart, you can see our tried and tested stepping pattern playing out:

XAU/USD Hourly:

Click on chart to see a larger view.

Previous short term support turns to resistance each time, giving savvy day traders an opportunity to manage their risk.

Best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog