Forex Trade Setups Commentary: Gold Inside Bar Setup
Gold formed an inside bar today in the context of the recent bullish momentum. We have pointed out some of the other recent price action setups that have worked out nicely on the daily chart of gold below.
The inside bar setup that formed today could provide traders with a low-risk entry into this recent up move, however we would need to see a break of the mother candle high near 1242.15 to initiate any new long positions.
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The U.S. dollar and Japanese yen strengthened today on the back of renewed risk aversion due to concerns over the pace of the global economic recovery.
The yen was the big winner today, beating out all the other majors including the U.S. dollar.
The Dow lost 140.92 points, or 1.39 percent, the S&P 500 dropped 15.67 points, or 1.47 percent, and the Nasdaq lost 33.66 points, or 1.56 percent.