Weekly Price Action Setups & Key Levels | Aug 7-12

gold price action rrl setup 2ndskiesforex

My current active open trades: GBPUSD, EURGBP, AUDUSD (option)

Gold – Looking to Buy, RRL Approaching (4hr chart)
Continuing it’s corrective structure and balancing zone, Gold has ran into some solid offers just shy of the yearly highs near 1370. We’ve been talking about this being likely in the member’s commentary as of late and it’s playing out as expected thus far.

For now, I’m bullish and looking to buy. There is a key RRL approaching near 1300/1308 which you can see on the chart below. This will likely be the next location bids will look to enter the market.

If this zone holds, then we should be re-attacking the highs of the structure. If it fails, then ST …

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