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