Possible H&S top in 4h gold chart. Has broken down below neckline but not back tested yet. Target 1304 give or take,project path is just a guess.
Comment:
backtest failed and it appears headed to upper channel line at minimum and possible break out if gold wants to continue daily move higher but move above the upper channel would be first. bearish appearances there and one could start aggresive short position or wait for confirmation of move either way first.
Comment:
Upper channel test and then sharp drop to near target. I expect more downside. at least 1300 to be tested
Comment:
1307 hit . close enough to target. back test to 1326 area and next move dependent on $USD move. A move above 1326 and upper channel target. or Gold could run the stops under 1300, or start its next leg up. Follow up analysis after market close.
Trade closed: target reached:
Attempting back test of 1326 range now. a move through that and 1333 in play, if denied, expect lows to be retested.