As can be seen on the chart above a head and shoulders pattern might be forming in the gold futures daily chart.
It is not a very clean pattern which makes it less reliable.
If the neck line is broken, the target will be a price drop equal to the distance from Head till neck line, which would bring us to around 1430.
Disclaimer:
This is just an idea of what might or might not happen and is by no means trading advice. Always trade on your own risk and do your own analysis.
It is not a very clean pattern which makes it less reliable.
If the neck line is broken, the target will be a price drop equal to the distance from Head till neck line, which would bring us to around 1430.
Disclaimer:
This is just an idea of what might or might not happen and is by no means trading advice. Always trade on your own risk and do your own analysis.
Trade active:
Short triggered.
See disclaimer above
See disclaimer above
Trade closed manually:
Doesn't look good. May retest of the neckline. But it would have been a shame to let the profit vaporise.