GOLD Rally Capped by Resistance

Good morning traders,

While gold has been marching on within a nice trend that has seen a series of higher lows form along the way, there is still major resistance to overcome.

Take a look at the daily chart with the key resistance zone in question marked up, below:

XAU/USD Daily:

Click on chart to see a larger view.

I’m still inclined to be overall bullish on gold because of the overall trend, but for the daytraders, this level will certainly be of interest. Touch after touch of the level has given traders a level to manage their risk around.

Zoom into your intraday MT4 charts and look to sell any short term rallies back into previous support turned resistance.

Best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog