Chart in Focus: Daily Gold
In our recent weekly currency market outlook, we discussed the recent decline in the spot Gold market and that we are waiting for a price action sell signal after a retrace into resistance. Today, price did retrace higher, up into the 8 / 21 day EMA resistance layer and ended the day forming a bearish pin bar sell signal, in-line with recent bearish momentum. If price continues to weaken, we could see Gold fall lower from today's pin bar signal and eventually re-test the key support down near $1240.00 area.
In our recent weekly currency market outlook, we discussed the recent decline in the spot Gold market and that we are waiting for a price action sell signal after a retrace into resistance. Today, price did retrace higher, up into the 8 / 21 day EMA resistance layer and ended the day forming a bearish pin bar sell signal, in-line with recent bearish momentum. If price continues to weaken, we could see Gold fall lower from today's pin bar signal and eventually re-test the key support down near $1240.00 area.
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