Sell Stops Triggered in Gold

Metals_Softs_Multipane
Metals_Softs_Multipane

This morning gold futures are testing a big trendline on the daily chart. The daily chart below shows the price action over the past several months. It is still early in the day and only time will tell if it can pick up momentum and close below the trendline.

When it initially broke below the trendline this morning the Footprint chart captured the price action perfectly. Despite being a major level, there was good liquidity to absorb the large stop orders. Looking closely at the Footprint chart, you can see there were some large resting orders at 1146.50 area and 1145.70 level.

gold stops
gold stops

Is it a price break out or a false break out

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