Gold Sells Off From Daily Pin Bar, But Rejects Heavy | Jun 17th

XAUUSD – Sell Setup Plays Out for Profit, But Strong Rejection
In yesterday’s daily market commentary, we talked about the daily pin bar, and suggested selling just under 1273. The pair shortly after hit a high of 1273.09, then sold off to our first target of 1265, and almost to our second target of 1257 (daily low was 1258).

Hopefully you locked in some profit, and if not, we’d suggest taking some and neutralizing the risk.

Due to the false break and heavy buying intra-day, we suggest standing aside, and not considering shorts till minimally 1283/85. For now, there is a short term trading range between 1258 and 1285, so watch these for a break and potential next direction. Clearing the upside level puts 1300 into sight, while below 1257/1255 puts 1245 and 1240 in focus.

gold gold

Markets are traditionally slow during the World Cup. Read our Trading Forex in Summer How To Guide

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