Gold Pin Bar + False Break at Big Figure | Mar 26th
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.
We actually traded both short and long today, catching the momentum move down, and a quick false break back up (two trades below).
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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