Forex Price Action – Gold Pullback Into Dynamic Support Holds | Dec. 11th

Verified Profitable Trader

Yesterday in my market commentary, I talked about how Gold will likely pullback into the $1705 role reversal level and dynamic support, suggesting to look for longs off this level targeting $1715.  This level has held perfectly as expected, with a low only $.25 below the $1705 level mentioned, and is now sitting at $1711.30, so hopefully you were able to make some profit on this one.

For now, the precious metal is stuck between the $1705 and $1715 levels until tomorrow, where the FOMC meeting should inject some volatility into the markets, especially Gold.  I am expecting a break of these levels, so bears can look for shorts on a breakout retest of the $1705 support area, while bulls who are not already long can look for a price action setup above the pin bar highs from yesterday.

price action setup pin bar role reversal level gold dec 11th

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:

EUR German Consumer Price Index – EU Harmonised (YoY) 02.00EST
GBP Jobless Claims Change 04.30EST
CHF ZEW Survey (Expectations) 05.00EST
USD Federal Open Market Committee Rate Decision 12.30EST
USD Fed’s Bernanke Holds Press Conference 14.15EST
NZD Business NZ Performance of Manufacturing Index 16.30EST

Check out my latest article which is a must read on Quality vs Quantity – Which Is Better For Trading 

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article