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Gold forms price action squeeze - 2ndSkies

FXStreet (Bali) - Gold has formed a price action squeeze combined with a pin bar rejection on the hourly chart, notes Chris Capre, Founder at 2ndSkies Forex.

Key Quotes

"As we wrote in our daily market commentary yesterday, we intimated Gold was looking increasingly bearish, and the intra-day 1hr charts suggested a breakdown below 1292 was in order."

"Notice how the breakdown was preceded by a price action squeeze, along with several 1hr pin bar rejections, and a 20 ema carry."

"Today the precious metal broke 1292, hitting an intra-day low of 1287 before bouncing back up to 1292. This key level could act as a role-reversal level, so bears can potentially look to get short here. Downside targets are 1284, while a 1hr/4hr close above 1293/94 suggests a potential false break."

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