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Chris Capre
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Chris Capre is a professional forex, index futures and commodities trader, specializing in Price Action & Ichimoku trading. Chris applies his methods to the markets both intraday and medium term swing trading, and has been trading for over 13 years. He is also the manager for a private fund... More
My company:
2ndSkiesForex
My blog:
2ndSkiesForex
My book:
Trading Price Action and Pivot Points
  • Gold Forms Pin Bar Off Dynamic Resistance | Dec. 10th 0 comments
    Dec 10, 2012 7:53 PM

    Gold
    Covered in my weekly forex market commentary, pin bar + inside bar combination produced a $1705 break and as stated would likely run into the daily 20ema and dynamic resistance.

    This ended up playing out to a tee as the precious metal hit the 20ema and formed a pin bar on the 4hr charts.

    The selling since then is corrective and I am not convinced, which leaves me to believe another push higher is coming soon. Combine the fact the Fed is meeting this week, and likely announcing more easing, and I'm seeing the line of least resistance to the upside.

    I'm watching for possible pullbacks towards $1705/07 area targeting $1715 and a potential break for a possible push up to the next major resistance at $1735. If $1705 fails to hold, then prices will likely push down towards support at $1685.

    Daily Chart Gold
    (click to enlarge)

    4hr Chart Gold
    (click to enlarge)

    Upcoming Economic Announcements:

    EUR German ZEW Survey (Economic Sentiment) 05.00EST
    USD Trade Balance 08.30EST
    AUD Westpac Consumer Confidence 18.30EST
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