Forex Price Action Setup – Gold/Silver Form Large Engulfing Bars | Sept. 13th

Gold & Silver
Ahhh, nothing like my good ol’ friend the beard – Ben Bernanke….Central Planner in Chief who today went to the printing presses.

Nevertheless, Gold and Silver both went right to role-reversal levels before shooting higher today, together forming large with trend engulfing bars in the process.

Already being long Gold at $1633 & $1696, I’ll take any price action pullbacks into $1740 & $1715 targeting $1900 which seems now all but certain.

In terms of Silver which I’m still long at since $28.36, $31.06 & now $33.00 after today, I’ll take any pullbacks into $34 & $33 (again) for an eventual $36.91 & $43.75 touches.

If you’re an intraday player, you can take the higher of the two pullback levels & target today’s highs along with $35.27 for Silver while gunning for $1791 & $1815 in Gold.  Really aggressive intraday players can look for longs @ $1760 & $34.42 targeting the next levels above.

Gold
trading forex price action role reversal level engulfing bar 2ndskiesforex.com sept 13th

Silver
price action forex strategies engulfing bar 2ndskiesforex.com sept 13th

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Global Market Commentary:
As all eyes today were on the central printer in chief, Ben did not disappoint as the FED undertook a monthly bond buying program which is intended to support Wall Street the economy.

Honestly, I’m not sure you ever need to see a Bernanke meeting anymore because I think he just changed his role to propping up the stock market while keeping Wall Street happy via his new QE-infinity project.

The result?  Game-On/Risk-On as Gold, Silver, AUD, EUR, GBP, S&P, DOW, and virtually anything not named USD soared higher.

The Dow gained over 200pts while the S&P went to levels not seen since 2007 closing at 1457.

Gold gained $35.70 on the day while Silver closed at $34.63

Upcoming Economic Announcements:

CNY Actual FDI (YoY) 20.00EST
EUR Euro-Zone Consumer Price Index – Core (YoY) 05.00EST
USD Advance Retail Sales 08.30EST
USD Consumer Price Index (YoY) 08.30EST
USD U. of Michigan Confidence 09.55EST

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • DV

    Lol, yes… helicopter Ben and his little flag saying once again…
    “We can print our way out of our problems…”

    …that were caused by excessive money printing in the first place…

    We could be setting up for failure as the real economy is worse than it was in 2006-2007 unemployment is stubbornly higher – and peoples saving retirements funds are still underwater!

    …and yet the market is near all time highs… I think the coming correction (once the sugar wears off) could be swift…