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Gold – 1hr Intra-Day Price Action Pattern Works Out | Apr 1st
Spot Gold – Intraday Resistance Holds, But…
Yesterday in our members commentary, we spotted an intra-day price action pattern in the precious metal to be a) sold in the European/NY sessions, b) make a fresh intra-day low, c) retest that low & bounce, then d) pullback to prior resistance and break through the session lows.
Based on this pattern, we suggested selling at 1288, targeting 1278. The PM did exactly that, selling off at 1288, and hitting our target of 1278. Below is a screenshot of us making this recommendation.
For now, what is interesting to note via the chart below, is how the pair did not form a new low. This might represent a little more strength then usual on the bulls part, particularly for the bids to hold the line.
Bears can look towards the 1288 level again for weakness. If it holds, the pair should re-attack 1280/78. If we get a 1hr close above 1292, then we’ll likely see a move back up to test the sellers around 1298.
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