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Gold Gets Hammered After Inside Bar Breakout | Feb 20th

Hello Traders,

After a long trip and a new computer, I'm back to posting regularly.

Today I'm watching Gold amongst other things, but the PM got monkey-hammered today losing over $50 from top to bottom and broke a critical support at $1598. This was after an inverted pin bar + Inside Bar combo which was merely a pause in the already consistent selling.

Now the metal is barely holding onto the $1564 support. A break here targets $1550 and a dangerous support level at $1525 which is the 2012 yearly low. If this breaks, expect a ton of stops to get tripped and likely a $5-10 selloff in price in a matter of minutes.

I'll look for rotations back into $1598 that are corrective to sell it on a rally.

The only buy I'd consider would be after some stabilization around $1525 should it show weakness heading into the level.