Gold – Weakening Price Action Angles Suggest Bearish Pressure | Aug 19

Gold – Looking Increasingly Bearish (1hr chart)
Continually getting rejected and producing intra-day LH’s (lower highs), the precious metal has been forming weaker and weaker bounces, with 1292/95 holding the short term line for the bulls.

In fact you can see the price action angles off the 1293 support getting flatter and flatter, suggesting the bulls are stepping in each time with lesser enthusiasm and potency.

If this area collapses, then the next major support level at 1281/83 will be tested, and likely the next place bulls step back in.

gold

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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.

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