My outlook on gold at the moment. We have a complete head and shoulders on the daily timeframe with a perfect neckline formation. I am bias long with gold set for 1800, however I can't ignore this technical analysis. All formations on each timeframe looks set for a big drop! There is a small head and shoulders forming on smaller timeframes (1HR and 30M).
Things to consider:
Stochastic oscillator on the daily timeframe suggest there is room for more upward movement.
RSI also showing potential for a breakout as neither timeframes have reached oversold conditions.
Current market conditions and COVID-19 suggests Gold to all time highs
FED speech and other US news releases today
NYSE opening around 2pm!!
Trade active
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Break and retest confirmation of the hourly trend line! Confirmation of a sell off 🤞