Pashabxl

GOLD: An Update: Double TOP pattern is on the track?

FX:XAUUSD   Gold Spot / U.S. Dollar
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If the pattern is a double top , then you have the neck line, and the target written and obvious.
Although if this is a double top , the target may be 1168 before being 1155.
The RSI is in a rising Wedge pattern as well. So let's wait and SEE.
EURUSD situation and the power of the pair may be very decisive. Please keep in mind the Geopolitical agenda that may influence XAUUSd as well as EURUSD Pair although there is an agreement with regard IRAN this Agreement may not be carried at the Senate. So let's wait and see.
Hi Pahabxl,
Thanks for all your charts.
Gold!
I find it hard to disagree with you!
But Ill try!
First I would say is a Cup and Handle pattern still fits. eg. Left shoulder high,... didnt not retrace 50% etc.
Also we have a Bearish Wolfe Wave touch at the current low @ 1194 .37. Support, which is rising (trendline) !! and an early exit perhaps.
We have H & S patterns in 2 time frames. One is a H/S bottom. The other is H/S tops, where we are looking for the right shoulder peak at this moment in time!!....I would like this Shoulder higher, You are saying its possibly done with these DT's.
One for you to look at!!

WE can have BOTH!!
Because IMO the right shoulder currently is to low and needs to go higher first.
Giving us a H/S bottom completed(up),.... then the H/S tops to complete(down), To a new low!

Cheers
Glenn

Pashabxl a Pound/aud chart for next 2 mths please, wish to travel.
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ElPatron.Y Iskandarglenn
HS only works on tops, or am I wrong?..
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Pashabxl ElPatron.Y
Head and Shoulder may also be considered in a reverse mode. Therefore H/S Bottom is very much possible as well.
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Pashabxl Iskandarglenn
Dear Glenn, thank you very much for your comment, and it is always good to have a challenging view in order to refresh initial studies. Although Today is Friday and generaly on Friday market do not reaction on macro economic nor on any chartist approach but rather on closing positions of the week, it is very difficult the forecast. Nevertheless, for PESO H/S can be reversed therefore it could be bottom or TOP generaly Top works better then bottom in % . For Glenn again, of course we can have both, EURUSD pair's future trend will define the path of XAUUSD :-)
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I see the inversed H&S could happen ofcourse.
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Early in the day. Invers H & S Is occurring.
Dly chart looking good, indicators good,
Im good!
1242 to as high as 1258.

Glenn

Glenn
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