AzizKhanZamani
Long

GOLD Inv. Head and Shoulders| Range Resistance| .618 Fibonacci

TVC:GOLD   CFDs on Gold (US$ / OZ)
Evening Traders,

Today’s Analysis – GOLD – trading in a range with a probable inverted head and shoulders , 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 H&S pattern, failure will negate the formation

What are your thoughts?

And remember,
“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota

Comments

nice jobs
+1 Reply
AzizKhanZamani Jisan162437
@Jisan162437 than you for following my work appreciate it :)
Reply
Good job
+1 Reply
@TomJose appreciate it thanks for following my work
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out