Gold Update – Pulls Back From Key Level | Aug 13th
Spot Gold – Hits Major level and Pulls Back
As we’ve been writing for over a month now, Gold has bottomed hitting a major technical target this week on Monday, touching the 1345 level which was the July high. Price pulled back over $70 from here, but then climbed for 4 days via a pin bar signal. Gold had only accomplished one 5 day bull run the entire year, so not surprising this bull run only lasted 4 days as well. After hitting the 1345 level, the PM today pulled back over $23, which is likely a combination of sellers at the key level, along with some short term profit taking. I’m suspecting a likely further pullback before the bulls attack the upside again.
Short term bears can consider corrective pullbacks into the 1326-33 intraday resistance zone, targeting 1316 and 1300. Bulls can wait for pullbacks either to the daily 20ema at 1310, or back to 1300 for another attack on the key 1345 resistance level.
Make sure to watch our latest video lesson on Intraday Price Action Trading – Breakout of Key Level
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