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Gold - Corrective Price Action Pullback Plus Weak Bounce (4 Hour Chart)

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  • In this week' s guest blog post by Chris Capre we can find out what his thoughts are on gold and were it is trending towards.
Gold - Corrective Price Action Pullback Plus Weak Bounce (4 Hour Chart)
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After slamming through the bids and support zone between 1,251 and 1,245 to end last week, the yellow metal has formed a corrective pullback and somewhat weak bounce, and the weakest bounce in the entire pullback.

This intimates to me that the bulls are unable to mount any strength at the moment after taking losses last week and losing key support levels.

Offers seem to be stepping in around 1,245 anticipating another leg lower, so a potential sell zone here for gold.

Impulsive price action selling from here targets 1,225 and potentially 1,206. Only a daily close above 1,251 re-ignites the bullish bias ST.

2ndSkiesForex

This article is part of the Forex Magnates Community project. If you wish to become a guest contributor, please get in touch with our Community Manager and UGC Editor Leah Grantz leahg@forexmagnates.com and fill out this form

After slamming through the bids and support zone between 1,251 and 1,245 to end last week, the yellow metal has formed a corrective pullback and somewhat weak bounce, and the weakest bounce in the entire pullback.

This intimates to me that the bulls are unable to mount any strength at the moment after taking losses last week and losing key support levels.

Offers seem to be stepping in around 1,245 anticipating another leg lower, so a potential sell zone here for gold.

Impulsive price action selling from here targets 1,225 and potentially 1,206. Only a daily close above 1,251 re-ignites the bullish bias ST.

2ndSkiesForex

This article is part of the Forex Magnates Community project. If you wish to become a guest contributor, please get in touch with our Community Manager and UGC Editor Leah Grantz leahg@forexmagnates.com and fill out this form

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