Following up from our weekly commentary where we discussed the potential for the spot Gold market to move lower this week, we can see today price has moved significantly lower after a volatile trading session that resulted in a decisive reversal lower into the New York close. Note in the weekly chart below that a bearish pin bar formed last week showing rejection of the key resistance near $1630.00. Traders can continue to look for price action trading sell signals on any retraces higher on the intra-day charts or daily chart.
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