Hey trader, I hope you having a profitable week. If not, try this:
But first, let me explain how these trades will be triggered. If the price bearish bounces off the 4H Half a Bat Neckline, 50 and short-term MA’s with a bullish reversal candle close (1st trade signal), then proceeds to bullish break and retest the (Possible) 4H H&S Neckline (2nd trade signal);...
This is a follow up to my most recent Gold analysis:
The Inverse Head and Shoulders pattern worked perfectly and the price easily broke above the 4H MA200 (orange trend-line). As it got rejected on the psychological 1800 level, the potential of a Channel Up emerges, similar to that of August that tested the 1,834.50 Resistance.
The key is the 4H Golden...
Yesterday's sharp drop on Gold was fueled by the much better than expected Retail Sales, that pushed the USD higher and XAUUSD lower.
It may have taken many of us by surprise but from a technical perspective it has created a well know bullish reversal pattern, the Inverse Head and Shoulders (IH&S). As you see the 1W MA100 has also come to rescue (red trend-line),...
