Gold – Tentative Price Action, But Still Holding Key Support | May 14th
Gold – Tentative Price Action, But Still Holding 1275 Key Support
Gold has climbed two of the last three days, and formed three consecutive higher low rejections, with two of them being false break engulfing bars. Clearly short term there are buyers willing to step in down there, but there is nothing convincing yet. For now, the only area I’d want to get long would be around the 1275 key support area. If the PM takes out the 1315 resistance, then this would demonstrate a short term bottom in place.
Our Trade Idea: Look for a 2-3+ day pullback into the 1275 area, ideally with one or two of those candles having wicks/rejections to the downside. If this forms, look to get long at 1275/77 area with a tight stop below. Upside targets are 1304 and 1315.
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