Gold Price Action – Smaller Corrective Formation | Nov 6

Gold – Forming Smaller Corrective Move/Consolidation (1hr chart)
After breaking through the 1180 multi-year support last week, the precious metal consolidated for 4 days before heading lower. The PM has now formed another corrective structure/consolidation on the lows, but this one looks to be a tad smaller.

I’m expecting the price action to break lower from this consolidation, but any weak rallies into 1162 I’ll look to sell. A break below the current yearly lows ~1139 put 1000 and 1070 under focus.


Also in our members trade setups commentary, we cover the EURUSD, GBPJPY, AUDUSD, USDCHF, & the USDJPY. Click here to become a member.

Watch a live trade setup video on the EURJPY where I profit +7R and +216 pips.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article

  • flashmark

    I’m expecting too vulnerable market today because of Non Farm news.So I hope not to trade until that news is published.
    Chris, How do you trade after (or before) such a big market news?