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Spot Gold – Intraday Resistance Holds, But…
Yesterday in our members commentary, we spotted an intra-day price action pattern in the precious metal to be a) sold in the European/NY sessions, b) make a fresh intra-day low, c) retest that low & bounce, then d) pullback to prior resistance and break through the session lows.
Based on this pattern, we suggested selling at 1288, targeting 1278. The PM did exactly that, selling off at 1288, and hitting our target of 1278. Below is a screenshot of us making this recommendation.
For now, what is interesting to note via the chart below, is how the pair did not form a new low. This might represent a little more strength then usual …... Keep reading