Forex Price Action – Gold Hammered At Dynamic Resistance | Valentines Day Edition
Hopefully you didn’t try and impress your girlfriend by buying them some Gold for this V-Day, as its been getting monkey hammered along with silver on the day. After consolidating since the 11th between $1638 and $1651, the PM has been twice rejected off the dynamic resistance and 20ema on the 4hr chart. This coincided with a role reversal level in $1651 which was the swing low on Jan. 28th.
Selling pressure is still on, so $1651 becomes target to take out and bring in new bulls. Medium term support is at $1625, but if this breaks, we could see a meltdown towards $1600. Bears can look towards selling weak corrective rallies, so look for price action clues as I am not seeing any signs of accumulation or basing today.
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