After forming a pin bar rejection off the dynamic support and 20ema last week, the precious metal has made a few attacks on the yearly highs and key resistance at $1790. Today the metal posted an outside bar and this one represents a lot of two way price action with rejections on both sides and only a modestly bullish close.
Short term, this means there is a trading range in play at the highs and lows of the outside bar so intraday traders can look for plays on both ends. But the fact it is holding towards the upper end of this recent consolidation suggests upside pressure and likely breakout soon. Bulls can wait for a breakout pullback setup …... Keep reading