Gold – At Major Support Area
For the last week or so, the precious metal has been getting hammered, losing over $47 from the pin bar swing highs back on April 14th. On the 4hr chart below, the sell-offs are consistently coming during early London to early NY, but one has to notice they are getting weaker.
This is either shorts covering ahead of this multi-month key support level, or they are simply getting weaker. Bulls can watch for price action buy signals off the 1277 support level. If this holds, then 1290, 1305, and 1330 will be upward targets. If this level fails, then 1267 and 1242 are downside levels to target for bears.
Don’t miss our latest article …... Keep reading