Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Gold Double Bottom + Pin Bar Rejection | Dec. 10th
Gold – Double Bottom + Pin Bar Rejection
For the last 4 months, gold has been selling off rather consistently, losing almost $225, or over 6.25% of its value. It has been one of the least favorite investments and performers over the last few months. Yet the precious metal formed a double bottom and pin bar rejection off the 1212 area, and has since found some follow through buying, reaching a higher of 1267 earlier today. I’d be interested in taking a small long between 1221 and 1213 to see if the bulls will hold and the PM find a bid.
Traders can watch for pullbacks and corrective weakness into the aforementioned support zone. If the 1211 bottom holds, then upside targets will likely be 1250, 1267, and potentially a return to 1290 before the holidays. Should this support area fold, then a test of the yearly lows around 1180 will be on deck.
Check out our most recent article 9 Things Successful Traders (& People) Do
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.