Trading Setups / Chart in Focus:
Gold – Spot Gold fakey buy signal at support
The spot Gold market formed a bullish fakey signal today following the inside bar that formed yesterday just above key support near $1277.00. If the market remains above $1277.00 on a closing basis, we could see a move higher in the coming days, perhaps up to re-test the next resistance area near $1320.00 / $1330.00. We could see a retrace back toward that $1277.00 area and the 50% level of today’s false-break bar before the market pushes higher, which would potentially lead to a better trade entry and risk / reward on this setup.