Gold – Hitting Key Resistance, Attempting to Base | Oct 13

Gold – Knocking on Key Resistance Level (daily chart)
Gaining 5 of the last 8 days, XAUUSD is attempting to build a base and break the MT bearish structure by forming new 4 month highs. Recently shiny metal double tapped the bids just above 1100 before holding the line and forming the latest bull run higher.

Currently they are attacking the key resistance area between 1168 – 1174. If this resistance level holds, then I’m expecting a move lower towards 1125 and 1100 before bids step back in. But if this level folds, then we should see an attack on 1200 and 1225 before some solid offers return.

gold price action

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Buddhist, Trader and Philanthropist

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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  • taquocdat

    Hi Chris, I am looking to learn your Advanced Price Action course
    I am focusing on Gold, so Can you advise me something about gold market
    1. Your method is good for Gold, right?
    2. What is timeframe should I use for trading Gold (M15, M30, H1, H4, …)?

    • Chris Capre

      Hello Taquocdat

      Good questions:
      1) Yes, our core price action models & strategies work for any instrument, time frame or environment, including gold
      2) there is no right answer for that. we trade any and every time frame so really depends upon availability, skill set and mindset

      Hopefully this answers your questions.

      Feel free to email me for any further questions via my contact form which goes directly to me.

      Kind Regards,
      Chris Capre