Forex Price Action – Gold Breakdown After Inside Bar | Feb 20th
Getting hammered in a take no prisoners sell off, Gold has ended bearish 8 of the last 10 days, with today being the worst daily close from high to low of the year. This was following an inverted pin bar which was doubling as an inside bar, along yesterday’s bar which was inside the prior large selling bar. In the process, the precious metal lost the $1598 support and has barely held onto the $1564 support.
There are only two more stops below at $1550 and $1525 with the latter being the 2012 lows. For now, I’ll look to sell on corrective rallies towards $1596, and will only consider buys off the 2012 yearly lows barring intraday price action which shows the bids holding the line there.
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