Forex Trade Setups Commentary: Gold Forms Dueling Swords Pattern | Jan 17th
After having a volatile day, first getting hammered with Silver to start the NY open, then having a lift-a-thon courtesy of the BOJ rumor they are joining hands with the ECB and FED in an open ended printing press to weaken their currency. Needless to say, Gold soared on the news, bouncing over $30 off the intraday low of $1667 to $1696.
In the process, the precious metal formed a dueling swords pattern, which is a pin bar followed by an opposing pin bar right after. This communicates a two way market with sellers and buyers calling their lines in the sand. With the selling pin bar being weaker, the bulls should short term retest the daily highs, but a failure there suggests a pullback towards $1680 and $1667 before finding any bulls to come back in, so watch the wide levels for trade setups.
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Article on the BOJ money printing rumor here.
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