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Spot Gold – Sells off From Key Resistance Level
In this weeks market commentary, I talked about the bearish engulfing bar and recommended selling on pullbacks to $1415, targeting $1387. Today the pair went up to the $1415 level, went about $1.50 above, then dropping over $28 to $1388.75 offering a well over 3:1 reward to risk play so hopefully you profited from this.
The PM did form a minor HL (higher low), so another challenge at the key level may be in the cards soon. If so, look to sell around the $1415/$1420 area, targeting $1390 and $1363. A break and close above $1420 targets $1440.
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