Gold Intraday: consolidation in place.

The concept of consolidation is important in the field of gold trading. Let's expand on this topic a little more:

Consolidation: This term refers to the phase in which the price movement of an asset, such as gold, narrows within a certain range. During the consolidation, the market takes a breather and neither the bulls nor the bears have a clear advantage. It's like a pause before the next important move.

Now let's examine some of the latest observations about gold:

Forex News Analysis:

The 5-minute bar chart for Comex gold futures serves as a valuable tool for intraday traders. It displays important short-term moving averages (10 and 20 periods) that traders can use for cross buy and sell signals.

Additionally, potential buy and sell price entry points are highlighted based on technical support and resistance levels. Remember, successful traders typically buy on early price strength and sell on early price weakness1.

Market sentiment:

Even though US stocks are on the rise, investors continue to view gold as a hedging option. This perception persists due to violent protests in the United States and uncertainty in US-China relations2.

In summary, keep an eye on gold's consolidation patterns and consider this information when making trading decisions.

Pivot: 2185.00

Our preference: short positions below 2185.00 with targets at 2168.00 & 2162.00 in extension.

Alternative scenario: above 2185.00 look for further upside with 2195.00 & 2205.00 as targets.

Comment: as long as 2185.00 is resistance, look for choppy price action with a bearish bias.