Gold Breaks Key Levels, Likely Bottom In Place | July 22nd
Spot Gold – Key Resistance Levels Broken
In our last weekly commentary, we wrote that Gold had likely formed a complex bottom and that we anticipated more upside. Our trade buy reco off 1267/70 profited +3700 and +4800 pips respectively hitting our 1307 and 1318 upside targets today. Hats off to those savvy price action traders on this trade as it was discussed in our forum.
Today was the most telling day for the bottom forming as it took out two key levels today, that being the 1300 and 1321 level (April swing low), hitting a high of 1335 today (key May swing low). The fact the precious metal has formed consistent HL’s (higher lows) successively, holding above the 20ema + taking out key levels suggest a long term bottom is in place. I’ll recommend buying on a pullback towards 1303, or on a sustained daily close above 1338/40, targeting 1368 and 1389. Only a break and close below 1267 would change my short and medium term bullish bias.
Make sure to check out my latest article on Rule Based Systems vs. Discretionary Systems Pt. 1 along with our latest live price action setups for the week.
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