Gold Price Action – Key Support Zone Holds | Oct 20
Gold – Key Support Zone Holds (4hr chart)
As we mentioned last week in our private members commentary, we suspected the bulls were likely to step in on a pullback and push the PM higher. Today the pair found some strength after the pullbacks into 1237 and 1233 held, also forming a pin bar false break setup.
The PM has already hit the first key resistance level around 1246 and will test the bears at 1251 next. Should this level fold, then 1257 and 1272 will be the next upside target, so potentially some more upside here. If the consolidation lows do not hold, then 1224 is the next likely support the bulls will consider.
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