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