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Forex Price Action – Gold Pin Bar Off Dynamic Resistance | Dec. 10th
As I wrote in my weekly forex market commentary, the inside bar + pin bar combo from Friday if it breaks $1705 will run into resistance at the daily 20ema and dynamic resistance. This is exactly how it played out as the precious metal hit the 20ema and formed a pin bar on the 4hr charts.
The selling since then is weak an unconvincing, which leaves me to believe another push higher is coming soon. I’ll look for possible pullbacks towards $1705/07 area targeting $1715 and a potential break for a possible push up to the next major resistance at $1735. If $1705 fails to hold, then prices will likely push down towards support at $1685.
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