justatrader

Gold - Possible Inverted Head and Shoulders (Watching)

FX:XAUUSD   Gold/U.S. Dollar
805 3 9
I was bearish on Gold             starting this year, but yesterday's SNB move kind of throws a wrench into the works.

Price action forming an inverted head and shoulders having broken out from the neckline. Could see a possible retest to the support/resistance or 'BUY ZONE' near 1230 - 1220. If support holds, expect a rally towards 1300 and a bit more.

Not recommending a trade right away, but rather wait and see how price action shapes up near the 'Buy Zone'
I'd be cautious even if price spikes down to 1189/90 levels. Looking for a clean confirmation

Weekly Gold             charts is turning bullish and it gives a much nicer price point to enter. Somewhere between 1221 - 1202 levels. (Chart here: https://www.tradingview.com/x/7L9rvotN/)
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
jangseohee
2 years ago
eh.. wait a minute
1300 is still possible, as a false break up
Gold, the first triangle will be photocopied?
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jangseohee
2 years ago
two months ago, my long term red channel looks like below
i have yet to revisit whether it holds
2 weeks, 2 hammers
+1 Reply
jangseohee
2 years ago
sorry to bombard/spam your post :-), just BEAR with it
2 months daily looks like this
One way to protect your profit is... hedge
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