FiZieFX
Long

Inverse H&S

FX:XAUUSD   Gold/U.S. Dollar
345 7 2
i think this Pattern is still valid

"This move was really needed today, too much more time sideways and it would become invalid.
If this rally gets some real legs, the move up could begin to resemble the downward spike in April that created a further bearish period.
If the neck breaks which just at a glance now should be around 1415/20 we should be in for a nice ride up" -Xtrade
Nadim FXCM MENA
3 years ago
check this chart, earlier:
Inverse Head and Shoulder, GOLD, XAU.
. using candles patterns and Fibonacci we could have expected this up movement reaction to the no taper decision
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MRS Watanabe
3 years ago
The formation is in the making so it is developing and valid once we get a break of the neck line followed by a revisit to the neck and then if neck is support it is off to the moon and you have a H^S with projection target width of shoulders or the distance between neck and head low added to neck, what ever... but there is a risk we revisit the right shoulder. Watch the FOMC minutes, but bet they pull out someone to talk it down again, FED has lost all credibility !! they say taper on then they say taper off then they say taper on, taper off, acting kids. These people are idiots.
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FiZieFX MRS Watanabe
3 years ago
u are right... and the gold market right now is not moving according to its own direction its driven by fear/scared and etc of the tapering..James Bullard successfully sells markets on an Oct. taper. When will traders learn that it's not what Fed officials say that matters, but what they actually do, plus BUllard was one of the 9 who vote not to TAPER!
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MRS Watanabe FiZieFX
3 years ago
Am keeping an eye on that HandS but so is everyone who trades Gold, As for what drives the pm's fear / greed? One thing for sure is we cannot call this a market! it is too predictable! thanks to BIS and FED. This is all well documented by GATA. I think the COMEX and LBMA have their days counted as the benchmark gold market. LBMA is so geared up it has over 100 to 1 claims per ounce that the CFTC even called it Ponziesque. At the COMEX the number of contracts for each ounce of deliverable gold has now reached a new all time high ( 57.8 claims per ounce), a level that has not ever been seen since Nixon closed the gold window. These 2 exchanges are not representing the true price of gold to the detriment of the miners, traders and investors. These 2 exchanges have no gold stocks to back up the prices they are setting. Whereas Shanghai Gold Exchange does have the metal, and is a 100% physical venue where traders must have the metal that they are selling, it trades roughly in line with annual mine production. On the COMEX it is common to see one large trader that is not a producer but a bank sell 10,000 contracts at the worst possible time of the night (usually on a Friday 2,30am a week before FOMC) in order to get the worst possible price and hit stops, with no intention of making delivery,,,.but the CFTC turns a blind eye to it. They have been sitting for over a year on whistle-blower info from employees of that bank and have not prosecuted. Congress will no doubt ask them to explain why? Then there is Shanghai that is where the real physical gold is headed because of the premiums are so large, it is a risk free arb trade. There is no to little physical left in New York and what little is left in London is hyper hypothecated, and in unallocated accounts. So this is not a free market, it moves in the direction the BIS and FED want it to move in, price fixing is Communist not Capitalist !
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