Direct from the desk of Dane Williams.
Not so long ago, we had Gold printing fresh highs.
At the time I was cautious about how price would react to the daily resistance level and set up a couple of scenarios for day trading around it, depending on which way the market wanted to go.
As you'll see on the Gold chart below, price failed to make a daily close above resistance and the plays were always shorts.
But price action was choppy and even though price did move lower off the resistance zone, my aggressive short was stopped out.
XAU/USD Daily:
So now looking forward, things are starting to look bullish once again for Gold.
I mean how can it not when pretty much every state capital across the US is being set on fire by its own people... It's not like they have jobs to go to in the morning, right?
I really like the way that price retested that broken trend line resistance as support, well and truly maintaining the bullish trend.
If things keep going, there will no doubt be a good intraday buying opportunity somewhere soon.
Best of probabilities to you,
Dane.
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