Gold – Impulsive Price Action, ST Bullish | Mar 29

Gold – Impulsive Bull Move Post Yellen Dovishness (1hr chart)
After a brief flash crash to start the week touching a month low of 1206, Gold recovered solidly, but started trotting in place as traders were awaiting Yellen’s comments today.

Clearly Gold bulls liked them because the shiny metal popped $10 in the first 5 minutes following her talk and is up over $20 on the day. Note how this impulsive price action was preceded by a 3P setup (members access).

For now ST 1206 & 1228 are the key support levels for bulls to hold. Upside they’ll need to put pressure on 1260 and 1270 to re-state their case of control. A daily close though below 1200 negates this and means bulls will need to wait till mid/low 1100’s before re-entering.

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