Forex Price Action Setups – Gold Approaches Key Support – June 28th

Gold
Selling off for the last 5 out of 8 days, the shiny metal seems to have lost its luster and is approaching the two month range lows at $1530 which has not seen a daily close below since July 7th last year.  Although I am long term bullish, we must remember Gold has gained for the last 11yrs and corrections like this are necessary, anywhere from 25-40% from the highs.  Even though I am open to considering possibly short term plays off these support levels, I am definitely cautious down here as the medium term structure continues to weaken.

I would be open to possible intraday buys off the $1530 level barring the metal shows weakness heading into it and provides a good trigger on the 4hr or 1hr chart.  But unless my buy makes significant progress to the upside before London close tomorrow, I have no interest in holding it over the weekend.  Upside targets would be $1560 and $1584.

price action support levels 2ndskiesforex.com june 28th

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

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.