Gold Completes Breakout Following With Trend Pin Bar | Jul 10
Gold – Breakout Following Pin Bar
Yesterday in our daily market commentary, we talked about the pin bar and the series of HLs (higher lows) which hinted to us a breakout to the upside was imminent. Today the precious metal busted through the multi-week resistance of 1330, hitting an intra-day high of 1345 before correcting lower.
We actually tweeted in real time that shiny metal was likely to correct lower from the highs, and thus far it has dropped $10 right after we tweeted this.
For now, we are maintaining our bullish bias and looking to trade with the trend by watching for pullbacks towards to the 1330 – 1324 zone to get long. Upside targets will be 1350, and 1386 with the latter being the yearly highs set back in March.
View our Live Price Action Trade Setups with the top winner grabbing +17R!
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book