Gold Prints New Swing High

Direct from the desk of Dane Williams.

With Gold pushing resistance on the daily, things finally got too much and new swing highs were printed overnight.

Take a look at the clean range stepping pattern between clearly defined ranges on the chart below.

XAU/USD Daily:

I'm in no way jumping out of my skin to trade this one as major levels like this are prone to fake-outs (as we've already seen on Gold within the previous blog that I linked to in the opening paragraph), but it's worth noting nonetheless.

If you zoom into an intraday chart and look at the price action around that daily line I've placed at 1747.11, you'll see there's no doubt some opportunity to day trade the short term zones that are forming.

Keep playing those same setups that allow us to manage our risk tightly and keep targets open ended if we get lucky.

Best of probabilities to you,

Dane.