Gold – Pin Bar + Consolidation Suggests Breakout

Gold – Forming Consistent Higher Lows in Consolidation
As we’ve been talking about for weeks, the corrective consolidation phase the precious metal is in supports the overall bullish picture. We’ve already profited from a few trade recommendations buying off 1306 3x now (here and here), and now the PM is forming a series of HL’s (higher lows) inside this overall consolidation.

This hints the PM is wanting to go higher as bulls buy at worse prices from the overall base.

Notice the 4hr pin bar off the lows and that since then, 9 of the last 14 candles have closed bullish, also adding to this overall tune. For now, look for pullbacks towards the 1312 – 1320 area to get long, expecting a breakout to 1341 and 1352 medium term, with a potential return to 1396.


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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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