Gold – Breaks 1292, Forms Price Action Squeeze + Pin Bar Rejections (1hr chart below)
As we wrote in our daily market commentary yesterday, we intimated Gold was looking increasingly bearish, and the intra-day 1hr charts suggested a breakdown below 1292 was in order. Notice how the breakdown was preceded by a price action squeeze, along with several 1hr pin bar rejections, and a 20 ema carry.
Today the precious metal broke 1292, hitting an intra-day low of 1287 before bouncing back up to 1292. This key level could act as a role-reversal level, so bears can potentially look to get short here. Downside targets are 1284, while a 1hr/4hr close above 1293/94 suggests a potential false break.
