Forex Trade Setup – Gold Price Action Squeeze | Jan 23rd

While many of the pairs have remained range bound, the precious metals have been continually gaining. Gold in particular is forming a price action squeeze which is a pre-breakout scenario.  You will see that we have all the ingredients in place, such as;

1) A Clear Resistance Level at $1695 (touched over 5x)

2) A 20EMA Carry (since Jan 17th)

3) And a Price Action Squeeze whereby the sellers are getting squeezed out of the market

Generally these lead to breakouts, so I am looking for a possible breakout retest setup.  Should this fail, then I’ll look for a potential short on the failure, towards $1684.

price action squeeze breakout pin bar jan 23rd

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