Gold Forms Pin Bar In Attempt To Bounce | Aug 7th
Spot Gold – Forms Daily Pin Bar
Closing bearish 7 of the last 9 days, today the precious metal formed a bullish pin bar near the consolidation and SL (swing low) before the most recent bull leg up. I’m not totally convinced the current bear run is over, but it appears to be weakening, and the bulls showed some resilience buying off the 1272 lows and bouncing $12 on the day. If the 4hr charts continue to show a basing behavior around the daily lows, I’ll look for intraday price action signals to buy, targeting 1299 and 1336. A daily close below 1267 suggests a retest of 1212.
Make sure to check out my latest article on How To Deal With Counter Trend Signals To Our Trades.
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