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Forex Price Action – Gold Forms Intraday SDB & Pin Bar Pattern | Dec. 4th
Getting hammered over the last few days, Gold has fallen from $1750 to $1695 in the last week, and $35 since the beginning of December. In the last impulsive selling leg, the pair formed a large pin bar which failed. But then after forming a smaller price action spread, it formed another pin bar, which is also doubling as an inside bar and SDB pattern.
Since then it has quietly bounced off the lows, trying to clear resistance at $1698 and $1705. Should it do this, then the bulls will likely make some more headway to the upside with $1720 being the next resistance where bears will likely challenge. Bulls can look for corrective pullbacks into $1695, but should this break, the bears could likely take it down to $1673 before finding new buyers.
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