Today’s Analysis – GOLD – trading in a range with a probable inverted , further price development is needed.
Points to consider,
- Impulse bull move (range resistance)
- 200 Moving Average support
- Neckline target
- Oscillators above 50
GOLD retraced from range resistance to the .618 Fibonacci where it established its probable right shoulder.
The moving average is a key local support to hold above, price actions have been reacting of it strongly.
The Neckline is in confluence with range resistance, is it the immediate target to breach in order to validate the pattern.
The oscillators are trading above 50, this is indicating strength in the market, momentum still needs to shift further.
Overall, in my opinion, GOLD needs to break range resistance in order to validate the pattern, failure will negate the formation
What are your thoughts?
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota