Gold – Breakout Formation Leads to New Yearly Highs | Mar 3

Gold – Clears Breakout Structure, 1300 Next Major Target (4hr chart)
As we talked about in our weekly market commentary, we discussed our bullish bias and intimated a breakout above 1250 was likely. Today Gold did just that rocketing higher on the day now up about $14 above the 1250 level.

Notice the pre-breakout formation which our course members would be familiar with.

Although I’m bullish on a ST and MT basis, I’ll be looking for pullbacks to get long as I’m expecting some profit taking to end the week. As long as we stay above 1225 on a daily closing basis, then I’m expecting higher prices and a potential challenge on 1300.

gold pre-breakout formation 2ndskiesforex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Thanks for this heads up, Chris. I was actually waiting for the break and look for a buy entry at the pullback. :)