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Gold Price Action Trade Rips Higher – Now Up +4100 Pips & +10R | Feb 11th
Spot Gold – Testing Channel Top & Key Resistance
Our bullish price action trade that we’ve been talking about for a while which you can read about here, back at 1242 continues to rip higher, now currently up over +4100 pips and +10R. The precious metal is now testing the key resistance level and channel top that we mentioned before at 1289. If the PM can clear this and have a daily close above, then 1309 is the next likely stop.
We are holding our long with ~ +4.5R locked in and will continue to lock in more as this progresses. A 4hr or daily close below 1259 should put 1250 and 1242 under pressure. Traders not currently long can watch for corrective pullbacks and signals around 1267/70 to get in line with the current bull channel and trend.
Make sure to read our latest article Book Review: Cultures of Expertise in the FX Market
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