Gold Price Action – Looking for Potential Buy Setup | Oct 15

Gold – Impressive Bull Run
After being left for dead and people calling for its head, the price action in Gold has impressed to dress lately, bouncing over $60 off the 1182 lows.

Looking at the 1hr chart below, we can see a large consolidation between 1236 and 1221 since Oct. 8th which just folded today.

Short term the PM is bullish, with an aggressive pullback level around 1237 and a deeper pullback level around 1223. I’ll be looking to get long at one of these levels on a corrective pullback, targeting the 1249 ST resistance, looking for a deeper move higher towards 1257 and 1270.

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