Gold Price Action – Impulsive Selling Resumes | Feb 17
Gold – Impulsive Selling Resumes (4hr chart)
After pulling back a few dollars above the key role reversal level we talked about at 1231, the metal ran into heavy offers which resulted in the impulsive selling resuming. In the process, the pair touched the key support we talked about 1206.
The commodity has since formed a small inside bar at support. If we get impulsive selling here and take out today’s lows, then we are talking about a likely attack on 1175. For now, I’m remaining bearish while below 1231/1235 so weak pullbacks into resistance are selling opportunities, perhaps 1217.
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