GOLD - XAU/USD Waiting - 31/10/2017

Gold continued its smooth growth yesterday, but overall the price is locked in the local consolidation between two strong levels. The first one is the support 1264.40 - 1266.00, the second the resistance 1282.70 - 1284.60. Also we should note that large volume accumulation is located in this range. That’s why the best decision will be just to wait for the exit of the price from this consolidation. The breakout move should be supported by large volume and be sharp, so it will be a stronger signal for entering the market. Until that, it is better to skip this instrument from trading plan.

The bottom line: waiting for the price to breakout one of the boundaries of the range.