Gold Price Action – Corrective Pullback Trade Profits | Feb 11
Gold – Corrective Pullback Trade Into Resistance Profits (4hr chart)
On Monday in the members trade setups commentary, we talked about the key resistance at 1245 and the corrective price action pullback, suggesting to sell at the level.
As you can see from the chart below, this is exactly what happened with the key role reversal level holding, and the offers sending the commodity lower. Our first target of 1225 has been hit, so anyone who traded this would have locked in a really large profit by now.
The second target around 1206 is still a potential move, especially if the ST resistance around 1230 can hold, but stops on open trades should be brought to breakeven or locking in some good profit on the remaining positions.
Only a daily close above 1245 negates this bearish bias ST.
Also in our members trade setups commentary today, we cover the EURUSD, GBPUSD, USDJPY, AUDUSD & CAC 40. Click here to become a member.
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