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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.
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