Gold bears target the Volume Cluster in the $1,950s. Bears seek a bearish extension towards the $1,920s. Gold has been idlling the Volume Point of Control (VPC) on the hourly chart in a period of consolidation following a break to the downside since the Federal Reserve meeting on Wednesday. As it stands, the price is caught in a technical channel on the hourly chart from a where a breakout could result in a spike one way or the other. The current environment is bullish while price trades above the VPC and the 21-hour moving average, testing the resistance of the channel. 1HR chart The price is above the 21 moving average and MACD is headed north. The bulls are bidding the price up from the Volume Point of Control and on a break of the channel resistance, the Volume Cluster will soak up the bids in the $1,950s. Either way, traders can take advantage of limit orders to either buy or sell on a breakout at either the support or resistance structure of the channel on a lower time frame, such as the 15-min chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Silver Price Analysis: XAG/USD still remains within the triangle formation despite a test lower FX Street 2 years Gold bears target the Volume Cluster in the $1,950s. Bears seek a bearish extension towards the $1,920s. Gold has been idlling the Volume Point of Control (VPC) on the hourly chart in a period of consolidation following a break to the downside since the Federal Reserve meeting on Wednesday. As it stands, the price is caught in a technical channel on the hourly chart from a where a breakout could result in a spike one way or the other. The current environment is bullish while price trades above the VPC and the 21-hour moving average, testing the resistance of the channel. … Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
