We was supposed to post this idea yesterday when Gold was still around 1717, we did our analysis and with our fractals lined up perfectly, we were able to see the bearish pennant even without trend lines.
In our previous idea, we talked about Gold's Head and Shoulder pattern, it has completed a shoulder and it's still trying to form a bottom for it's head, it hasn't really found that support to hold it''s head yet, whenever there's a support, it breaks it and makes another low.
Gold did a fakeout to around 1687 and revered back up to 1699.
My Idea is that if it breaks below the pennant without faking out, we are getting a move down to the 1650 area but if it doesn't break below the pennant, we are definitely getting a retest of the resistance at the 1720 area .
This is not financial advise, this idea is for educational purposes only and a way of giving you guys another perspective different from your own.
In our previous idea, we talked about Gold's Head and Shoulder pattern, it has completed a shoulder and it's still trying to form a bottom for it's head, it hasn't really found that support to hold it''s head yet, whenever there's a support, it breaks it and makes another low.
Gold did a fakeout to around 1687 and revered back up to 1699.
My Idea is that if it breaks below the pennant without faking out, we are getting a move down to the 1650 area but if it doesn't break below the pennant, we are definitely getting a retest of the resistance at the 1720 area .
This is not financial advise, this idea is for educational purposes only and a way of giving you guys another perspective different from your own.