Daily HFT Trade Setup – Gold Falling Toward HFT Buying Zone
We are analyzing the activity of high frequency Fx trading algorithms this Monday morning and note that gold (quoted as XAU/USD on many Fx platforms) is close to reaching a price area that may offer fresh attractive bullish setups.
Namely, the precious metal is getting closer toward the light HFT buying pressure zone this morning, which is seen at 1805.69 and below for today's trading session.
As can be seen on the chart below, there is also technical support from the prior local highs around the same area near the HFT buy zone (1800 - 1805). The 1800 area is also psychologically important for gold traders in recent years, which increases the likelihood of a price reaction here.
To the upside, the light HFT selling pressure zone is located today at 1826.76 and above.