GOLD: Buying A Pullback
Price Action: There is no price action signal to note at this time.
Price exploded higher from the recent Inside Bar Pattern that had formed, earlier this week (We did not consider trading this pattern as it had formed just under the $1877 prior key resistance level. Also, given the large range of bars in this pattern, it would have been hard to manage risk-reward).
Price broke and closed above the $1877 prior key resistance area, overnight.
Potential Trade Idea 1: For more aggressive traders, we are considering buying on a retracement lower and after a clear price action buy signal, within the $1853 – $1877 short-term support area.
Potential Trade Idea 2: We are still considering buying on a retracement lower and after a clear price action buy signal, at or just above the $1805 – $1831 short-term support area.
Price Action: There is no price action signal to note at this time.
Price exploded higher from the recent Inside Bar Pattern that had formed, earlier this week (We did not consider trading this pattern as it had formed just under the $1877 prior key resistance level. Also, given the large range of bars in this pattern, it would have been hard to manage risk-reward).
Price broke and closed above the $1877 prior key resistance area, overnight.
Potential Trade Idea 1: For more aggressive traders, we are considering buying on a retracement lower and after a clear price action buy signal, within the $1853 – $1877 short-term support area.
Potential Trade Idea 2: We are still considering buying on a retracement lower and after a clear price action buy signal, at or just above the $1805 – $1831 short-term support area.