Gold Price Action – Potential Breakout After Corrective Phase | Jan 26
Gold – Looking Like Potential Breakdown (1hr chart)
After making an impressive run up to 1300 over the last few weeks, Gold has entered a corrective phase over the last several days, unable to close solidly above the yearly highs.
Notice the LH’s (lower highs) it has printed to end last week, along with the weak corrective bounce off of 1277 to start this week. A breakout below 1276 puts 1263 and 1250 up next, so we could see some further profit taking before bulls come back in.
I’m neutral to bullish above 1276, but a break below 1276 gives me a ST bearish bias. Bulls need to wait for the two lower support levels or some decent staying power here before getting long. Bears can watch for a range break below 1276 before getting short on a pullback setup.
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