Trading Setups / Chart in Focus:
XAUUSD – Spot Gold bullish pin bar from key support
The spot Gold market has finally made its way down to the key support at $1635.00 – $1625.00 area and we can see that a significant rejection occurred there today as the market formed a pin bar reversal signal after hitting a low of $1625.00 today. Next week, we could see higher prices from today’s long-tailed pin bar and given the significance of the support it rejected it could potentially be a significant turning point in the Gold market. However, given the long-tail of today’s pin and that it didn’t really protrude from the surrounding price action very much, anyone looking to get long early next week should wait for a retrace of the pin to potentially near the support area between $1635.00 – $1625.00. If the market were to drift lower however, and close back below today’s low of $1625.00, we could then see more losses.
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XAUUSD – Spot Gold bullish pin bar from key support
The spot Gold market has finally made its way down to the key support at $1635.00 – $1625.00 area and we can see that a significant rejection occurred there today as the market formed a pin bar reversal signal after hitting a low of $1625.00 today. Next week, we could see higher prices from today’s long-tailed pin bar and given the significance of the support it rejected it could potentially be a significant turning point in the Gold market. However, given the long-tail of today’s pin and that it didn’t really protrude from the surrounding price action very much, anyone looking to get long early next week should wait for a retrace of the pin to potentially near the support area between $1635.00 – $1625.00. If the market were to drift lower however, and close back below today’s low of $1625.00, we could then see more losses.
For More Details..
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