Direct from the desk of Dane Williams.
After Gold pumped and made new highs, (blind) optimism kicked into markets and we're now seeing risk assets rally.
What this has meant, is that risk-off assets like Gold have pulled back too.
Well, at least had their recent rip somewhat halted for now.
XAU/USD Daily:
With support/resistance being the dynamic beast that it is, things change.
I already use the zone system that you see on all of the charts that I share, but sometimes it just makes more sense to move them up or down a little.
I always try to give precedence to the most recent price action and you can see that the zone that's now in play, has been drawn from that short pause where Gold encountered resistance, before pushing through to highs.
This isn't the type of level that I'd be blindly buying off, but it's a significant higher time frame zone that we can use to base our directional bias around.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.