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Gold – Daily Pin Bar at Key Level
After an impressive run up from 1240 to 1284, Gold found a combination of sellers along with medium term bulls taking profit, and in the process forming a daily pin bar. You will notice how the structure of the consolidations was pretty consistent on the first two breakouts, but the third one was really tight, suggesting a possible transition after the breakout (blue boxes in chart below).
The impulsive selling from the 1284 key level is the first time a pullback has taken out the prior consolidation lows, also lending itself to a bearish picture short term.
Our Trade Idea: Short term we are maintaining a bearish bias in light of the …... Keep reading