Forex Market Commentary – Gold Pin Bar + Outside Bar Combo | Jan 28th
After getting hammered over the last 5 days, and losing over $40 in the process, Gold has formed a 3 legged pullback and is attempting to bottom. In the process, the metal formed a pin bar and outside bar combo at the key support level of $1652.
I’m not quite convinced the short term down trend is over, but I suspect it may be due for a bounce. I’ll look for a corrective price action pullback into the $1652 level. If this holds, then I’ll target $1664 and $1676. If this level fails, then look for a deeper pullback towards $1645 and possible $1625.
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