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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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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