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Gold Price Action – Pin Bar Rejection Off Resistance | Feb 12
Gold – Pings A Pin Bar Rejection Off Short Term Resistance (4hr chart)
Following up with our bearish sell trade from 1245 that profited nicely the other day, we talked about the next key resistance level being 1230 as being another likely sell point.
Today the pair pinged right off the this level forming a pin bar rejection before continuing a corrective pullback. It does seem like a ‘decent’ attempt to bounce, but nothing to write home to momma about. I’m still bearish while below this key resistance level and 1245. Another leg lower should attack 1206, so keeping the bearish bias until a daily close above 1245/1250.
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