Forex Price Action – Gold Forms Intraday SDB & Pin Bar Pattern | Dec. 4th

Gold
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.

pin bar inside bar sdb pattern price action 2ndskiesforex.com

For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Upcoming Economic Announcements:

CNY HSBC Services PMI 20.45EST
EUR German Purchasing Manager Index Services 03.55EST
EUR Euro-Zone Purchasing Manager Index Services 04.00EST
GBP Purchasing Manager Index Services 04.30EST
EUR Euro-zone Retail Sales (YoY) 05.00EST
USD ADP Employment Change 08.15EST
USD ISM Non-Manufacutring Composite 10.00EST
NZD Reserve Bank of New Zealand Rate Decision 15.00EST

Make sure to check out my latest article Trading with Amnesia

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article