Gold – False Break But Still Bullish Medium Term (1hr chart)
As I’ve been focusing on the gold price action lately, I discussed on Thursday how I expected some profit taking to end the week. As you can see from the chart below, we did indeed get this making new highs, then pulling back into NFP.
With a better NFP print than expected, Gold initially dropped but found bids ahead of support and the role reversal level at 1248. The shiny metal then made new highs only to form a false break setup, likely from traders booking profits for the week.
As long as 1225 holds up on a daily closing basis, my medium term bias is bullish so will …... Keep reading