Market Commentary Gold Engulfing Bar Update | June 4th
Spot Gold – Sells off From Key Resistance Level
In this weeks market commentary, I talked about the bearish engulfing bar and recommended selling on pullbacks to $1415, targeting $1387. Today the pair went up to the $1415 level, went about $1.50 above, then dropping over $28 to $1388.75 offering a well over 3:1 reward to risk play so hopefully you profited from this.
The PM did form a minor HL (higher low), so another challenge at the key level may be in the cards soon. If so, look to sell around the $1415/$1420 area, targeting $1390 and $1363. A break and close above $1420 targets $1440.
For those wanting to join the traders forum, get lifetime membership & more, visit my Price Action Course page here.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book
