Gold prices continue to range for the 9th consecutive trading session, as the commodity fails to hold over critical resistance at $1,355.00. With price being rejected here, gold prices may return back towards daily support near $1,335.00. This range is ultimate a part of a broader consolidating pattern, with the price of gold failing to make significant highs since July’s peak of $1,3705.04.
Gold Price (Ticker:XAU/USD) Daily Chart
Traders watching for a bullish breakout from this range should continue to monitor the R4 Camarilla pivot, found at $1,357.44. If the price of Gold trades above this point of intraday resistance it opens the commodity up to test the current August swing high at $1367.15. Alternatively if Gold stays inside of today’s trading range, traders may begin looking for intraday support near $1,344.15 Bearish breakouts on the day may begin under the S4 pivot at $1,339.73. If the price of Gold breaches this point, it would then open up price action to test the previously mentioned value of range support.
Gold Price (Ticker:XAU/USD) 30 Minute
(Created using Marketscope 2.0 Charts)
The ratio of long to short positions for Gold (Ticker: XAU/USD) stands at +1.08. This SSI (speculative sentiment index) reading shows that 52% of positioning is currently long. Typically, a neutral reading in SSI is indicative of consolidating or ranging markets. If prices continue to range, it would be expected for SSI to continue reading at neutral values.
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