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Gold – Corrective Price Action Near Highs, Still Bullish | Jun 23
Gold – Correcting Near the Highs
Since the big explosive gains from last week, the precious metal has been correcting near the highs, holding a range between 1306 and 1321. The fact the yellow metal has been holding in a corrective price action phase near the highs after the bullish move, suggests sellers since the 19th have not really entered the market, and that the bulls are still in control (which you can see in the 4hr chart below).
We’ll maintain a bullish bias while being above 1280 and 1300. Aggressive intra-day traders can play the consolidation range watching for price action signals off 1306, having 1320 as your first target, and 1328 as a longer target.
With the World Cup & summer volumes low, read our Trading Forex in Summer How To Guide
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