Forex Price Action – Gold Forms Inside Bar At Support | Dec. 6th
After forming a 2-way bar on Wednesday, Gold formed an inside bar Thursday which almost printed a double bottom at the $1685 prior day’s lows. Today the metal is climbing from the get-go which may be a sign the selling has unwound. I suspect the aggressive selling in gold, was likely portfolio shifting as positions had to be unwound, or profits taken for losses in other aspects of the portfolio that were under-performing.
Either way, near term resistance is at the $1705 level which already rejected weds. If it clears this, then the doors are open for a move up to $1715. Any break below $1685 sets up a trip towards the critical $1673 lows which are the 3-mos low for the precious metal.
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