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Gold Price Action Suggesting Breakout | Sept 17th
Spot Gold – Continuing to Be Under Pressure
Dropping almost $130 from its recent highs at 1433, Gold is showing some intraday price action on the 4hr chart that is suggesting lower prices and a likely breakout. Looking at the chart below you can see how the recent rallies are being sold forming LH’s (lower highs) each time along with a 20ema carry and price action squeeze (all signs of a likely breakout). Intraday support is at 1302, so should there be a 1hr breakout and close below this and 1297, then the next major support comes in between 1282 and 1272 which was the pin bar reversal of the last major upleg leading to the 1433 swing highs.
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