🚀 ProPicks AI Hits +34.9% Return!Read Now

Gold In Tight Range Before Breakout

Published 01/21/2013, 02:46 AM
Updated 05/14/2017, 06:45 AM
GC
-
Gold

The US Markets were closed today for the MLK holiday, so markets have not woken from their slumber yet to start the week. Thus, I’ll wait till London opens before considering taking any position.

One that is on my radar though is gold which is in a very tight range that should break out any day now (likely tomorrow). Thus far, the precious metal has rejected twice intraday off the $1694.50 level which formed a pin bar rejection Thursday last week. The pullback found support at the $1683 role reversal level and has been carried by the 20ema dynamic support since.

I favor an upside breakout, so watch for a breakout pullback setup, but am open to shorting at the resistance level on a failure, so watch for intraday price action clues here.
Gold

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.