Forex Marketz Daily Forex News – Fully Markets Update
At the end of October, 2014, we saw a change in the position of the precious metal to a bearish stance and it dropped from over 1240 to 1137. — Nearly ten percent of its value. The bottom occured on 11/4/2014. Since then it began another bullish climb to the present 1186. The current daily below shows a trading position of 1186.54 with support at around 1140 and resistance at 1240 range. That is a large spread and would normally be difficult to understand the short to middle term trend.
Looking at the 30 minute chart below we have a better understanding of the short term position of gold:
We see the virtual disappearance of the bollinger band range as well as their alignment with the average. This is a traditional neutral stance. We can now understand better the large gap in the daily. At a daily position, which is essentially a middle to long range trend chart the graphically analysis is unclear. Investors should always refer to multiple charts to best understand their market before taking a position. Here on the 30 minute chart we can clearly see the development of a neutral stance. When the bands expand and the position ticks begin to move up or down from the narrow bands we can better take a bearish or bullish stance accordingly. Meantime, we would recommend to retain current open positions.
