Gold – Forms Price Action Squeeze + Pin Bar Rejections | Aug 20

Gold – Breaks 1292, Forms Price Action Squeeze + Pin Bar Rejections (1hr chart below)
As we wrote in our daily market commentary yesterday, we intimated Gold was looking increasingly bearish, and the intra-day 1hr charts suggested a breakdown below 1292 was in order. Notice how the breakdown was preceded by a price action squeeze, along with several 1hr pin bar rejections, and a 20 ema carry.

Today the precious metal broke 1292, hitting an intra-day low of 1287 before bouncing back up to 1292. This key level could act as a role-reversal level, so bears can potentially look to get short here. Downside targets are 1284, while a 1hr/4hr close above 1293/94 suggests a potential false break.


Do you find yourself making excuses in trading? Read our article on Excuses in Forex Trading & How to Overcome Them

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. 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 18yrs 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.

Related Article