Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
After forming a 2-way bar on Wednesday, Gold formed an inside bar Thursday which almost printed a double bottom at the $1685 prior day’s lows. Today the metal is climbing from the get-go which may be a sign the selling has unwound. I suspect the aggressive selling in gold, was likely portfolio shifting as positions had to be unwound, or profits taken for losses in other aspects of the portfolio that were under-performing.
Either way, near term resistance is at the $1705 level which already rejected weds. If it clears this, then the doors are open for a move up to $1715. Any break below $1685 sets up a trip towards the critical $1673 lows which are the 3-mos …... Keep reading