Gold Pin Bar + False Break at Big Figure | Mar 26th

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Spot Gold – Breaks Down From Corrective Move, Forms Pin Bar at Support
After consolidating in a corrective move between 1317 and 1307, the precious metal fell lower forming a large breakout bar. But after this, the PM consolidating for the next 4 hours.

This stalemate ended with a pin bar + false break below that bear flag support. You can see the 1hr pin bar in the first chart, and the false break on the 5 minute intra-day chart further below.  

1hr Gold Price Action Chart
gold 1hr chart daily market commentary

5 Minute Intra-Day Chart
5 minute intra-day price action chart gold

We actually traded both short and long today, catching the momentum move down, and a quick false break back up (two trades below).

Trade #1: +700 Pips Short Spot Gold
live price action trade gold 2ndskiesforex

Trade #2: +275 Pips Reversing/Long Spot Gold
intra-day price action trading gold 2ndskiesforex

For now, bulls will have to ‘recover‘ the 1307 support line. If it does, then expect a move back up to 1315/1317. If it fails here, look to get short targeting 1303 and potentially a deeper move lower towards 1294.

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