Gold bounces at HFT Buy Zone!
We are analyzing the activity of HFT algorithms in the Fx market today and note that Gold (XAUUSD) has already reached and bounced at the light HFT buying pressure zone which is noted at 1279.86 and below.
The Master MACD indicator shifted from bearish to neutral (red to gray) and the FxTR CCI turned bullish from previously bearish. The 1278.00 - 1280.00 area where Gold rebounded is also intraday support and resistance is found toward 1285.00.
These two price zones could act as a small intraday trading range for the yellow metal and would be good areas to look for establishing fresh trading positions while targetting the other end of this range.
So, the upper range toward the $1285.00 price area as well as the light HFT selling pressure zone which is noted at 1286.35 and above would make good targets for long positions today.
