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Gold Forms Ii Pattern After Strong Breakout | Feb 26th

Hello Traders,

While the JPY pairs continue to break down and put more pressure on the downside, I want to talk about gold which has now gained for 4 days straight, with today being it's most impressive day.

The PM intraday formed a strong breakout bar after clearing the big figure and key resistance at $1600, just touching $1620 before pulling back a tad.

In the process, the pair formed an ii pattern (back to back inside bars) with very little selling follow through.

If this holds, ill take a corrective pullback towards $1600 to buy targeting $1620 and $1638. A break back below the level targets $1585, $1572 and $1560 (chart below).

(click to enlarge)Click to enlarge