Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
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.
If you want to learn to trade price action, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.