"60 minutes" interview with the FED chairman Jerome Powell on the short term might have had a stronger positive impact on stocks than on the growing certainty of a snowballing effect on inflation which would be a good case for piercing the greater resistances ahead for Gold on the mid/long-term (ie. 1800 and 1900).
Confirmation of resistance @ 1740 USD and 40 RSI (1h chart) could form a right shoulder. Moving down strongly on oversold RSI area (1h chart) and a bouncing down on support line 1729 USD (i.e. making it resistance) would make the best confirmation of this idea and previous idea.
Previous ideas
1h
![[Gold] Inverted Adam and Eve](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
1d
Confirmation of resistance @ 1740 USD and 40 RSI (1h chart) could form a right shoulder. Moving down strongly on oversold RSI area (1h chart) and a bouncing down on support line 1729 USD (i.e. making it resistance) would make the best confirmation of this idea and previous idea.
Previous ideas
1h
![[Gold] Inverted Adam and Eve](https://s3.tradingview.com/u/u9RYbcwb_big.png)
1d
![[Gold] Will the 1800 wall be pierced?](https://s3.tradingview.com/r/rf9CK49o_big.png)
Comment:
Errata: H&S... not inverted
Comment:
Cool!
✅ Confirmation of resistance @ 1740 USD and 40 RSI
✅ Pierced support line 1729 USD
✅ Confirmation of resistance @ 1740 USD and 40 RSI
✅ Pierced support line 1729 USD
Comment:
![[Gold] Is 1680 on the way?](https://s3.tradingview.com/m/MB2eGbjr_big.png)
Comment: