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While many of the pairs have remained range bound, the precious metals have been continually gaining. Gold in particular is forming a price action squeeze which is a pre-breakout scenario. You will see that we have all the ingredients in place, such as;
1) A Clear Resistance Level at $1695 (touched over 5x)
2) A 20EMA Carry (since Jan 17th)
3) And a Price Action Squeeze whereby the sellers are getting squeezed out of the market
Generally these lead to breakouts, so I am looking for a possible breakout retest setup. Should this fail, then I’ll look for a potential short on the failure, towards $1684.
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