minor h&S forming on Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
134 5
and if it plays out, the numbers take the drop to around 1226 ~ which is the retracement to 0.618 of the beginning-of-the-month's rally
Dec 16
Comment: didn't like this enough to follow through - got a bull flag later which i did follow and closed at first touch of 1247, am now short again


Nice identification of a head and shoulders pattern on XAUUSD and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 1239.73 (61.8% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance), below the resistance that you have identified. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If a reversal does occur, we may look at the 1213.26 (50% Fibonacci retracement , horizontal swing low support).

Please have a look at our idea and share with us what you think.
ICmarkets ICmarkets
yogamarc ICmarkets
@ICmarkets, thank you ! I am new to this and through trading view and all the dedicated traders that are willing to share their ideas i am learning so much so fast. Based on the news about Trumps latest tweets, I was about to go long on gold, and it was just before i saw this. I will now wait to see what people decide to do around the 1239 level before I choose a direction. Many thanks again
Great work! I was thinking about going short now until 1230. What you think
yogamarc UZFX2019
@UZFX2019, well the sp just dumped again so people are hedging into gold ... might have invalidated the pattern. Can be a bit of a lottery this trading game!
+1 Reply
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