Gold – Corrective Pullback Structure, Mildly Bullish | Aug 18

Gold – Corrective Pullback Structure, Mildly Bullish (4hr chart)
After forming a small base just above 1075 for a couple weeks, Gold has staged a mild rally clearing out the short term resistance around 1105. After reaching a mild high around 1125, the precious metal has formed a corrective pullback with some intra-day buying today.

If the bulls maintain control, they should hold 1105 and 1095. This value area holding would first prime an attack on 1125, then gun for 1143. If this area folds, then we should see a second attack on 1075.

gold

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