GOLDTREND-NET

A little correction for gold ?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold shot up to 1344, almost touched yearly high but found sellers there and started to retrace. Please take a look at the 3-hour chart.

Firstly, price went down from 1344 to 1327 (Wave A) and found support there. Secondly, price went up from 1327 to 1339 (Wave B) but quickly got sold to current price at 1333. Usually, a correction would be in a zigzag that is formed by three waves A-B-C. And wave B is usually between 61.8% to 76.4% of Wave A. It is possible that gold is in Wave C that can reach as low as 1310.
Moreover, gold has a pin bar with confirmation telling us that price got rejected at the resistance 1344-1347. This pin bar can signal a potential short-term reversal.
RSI is coming down from overbought area and MACD is having a bearish posture. These might indicate further price weakness.
Now it seems like a head & shoulders pattern has appeared. If gold manages to breakdown under neckline, gold can go down to test support zone at 1309-1312.

If price trades above recent high at 1344, this above assumption is no longer valid.

Website
http://www.goldtrend.net

Order cancelled: Price reached 1345

Comments

I have a question. What do you think of reverse-head and shoulder on week chart ?
+1 Reply
GOLDTREND-NET Phantom13
@Phantom13, anything can happen in gold market. If gold breaks 1365/1375, the inverse head and shoulders on weekly chart can send gold to 1450/1500. But for that to happen, it needs further fundamental support such as trade wars crisis, hard brexit, Rates cut or economy recession.
+1 Reply
Phantom13 GOLDTREND-NET
@GOLDTREND-NET, Thank you!
Reply
Great setup, following you now mate! I´m about to post a trade shortly, have a look on my profile for detailed information :)
+1 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