Gold – Price Action Context Holds, In Profit | Sep 21
My current active open trades: Gold, Silver, NZDUSD, EURUSD, $SBER, AUDUSD (option)
Gold – Price Action Context Holds, Bullish Bias (daily chart)
In our weekly market commentary, we talked about the bullish price action context in gold with the key support zone between 1300 and 1310. That zone has held with the commodity now up about $30 off the lows.
I’m currently long gold which you can see below, which is nicely in profit.
I’ve already taken some off the board and am holding for a larger move, either the top of this range near 1350/65, or a potential breakout towards 1400.
For now, the price action context remains bullish while this structure holds. There will likely be some profit taking + offers between 1350 and 1365, so bears have a potential trade location.
Clearing out the yearly highs puts 1400+ into focus while a breakdown of the structure puts 1275 and 1250 on deck.
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