Forex Trade Setup – Gold In Tight Range Before Breakout | Jan 21st
The US Markets were closed today for the MLK holiday, so markets have not woken from their slumber yet to start the week. Thus, I’ll wait till London opens before considering taking any position.
One that is on my radar though is Gold which is in a very tight range that should breakout any day now (likely tomorrow). Thus far, the precious metal has rejected twice intraday off the $1694.50 level which formed a pin bar rejection Thursday last week. The pullback found support at the $1683 role reversal level and has been carried by the 20ema dynamic support since.
I favor an upside breakout, so watch for a breakout pullback setup, but am open to shorting at the resistance level on a failure, so watch for intraday price action clues here.
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 EU-27 Finance Ministers Meet in Brussels||03.00EST|
|GBP Public Sector Net Borrowing (Pounds)||04.30EST|
|EUR German ZEW Survey (Economic Sentiment)||05.00EST|
|CAD Retail Sales (MoM)||08.30EST|
|USD Existing Home Sales||10.00EST|
Make sure to check out my newest and provocative article Trading Is Not A Fashion Contest
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book