Daily HFT Trade Setup – Gold (XAU/USD) Rejected at HFT Sell Zone
The analysis of HFT algos today shows that potential downside opportunities may be presented in gold. The price has already reached the light HFT selling pressure zone this morning, which is located at 1784.76 and above for today's day-trading session.
The hourly chart shows us that the current levels are in the overbought area for this timeframe, as confirmed by our advanced FxTR overbought/oversold indicator (graph shown under the candles on the chart).
The downside potential lies toward the $1775.00 technical level and then lower toward the light HFT buying pressure zone that is standing today at 1767.96 and below.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)