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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.
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