jaymckeown99

jaymckeown99

Possible head and shoulders pattern occurring, if this pattern does occur a push to the down side could happen. This head and shoulders pattern also matches a 61.8 fib level on the daily (a pull back for a longer term push to the upside).

jaymckeown99

Price has reached its daily resistance level (blue line), from here i expect a pull back (exhaustion) and a further push to the daily upper zone.

jaymckeown99

top down analysis, gold has broken its 4H resistance level (yellow line) and has now used it as support. From here a push up to the daily zone (blue line) could happen for gold to hit around 1755.

jaymckeown99

multi time frame analysis of the chart, gold is looking to reach its monthly higher zone (blue area), from here gold could be subject to resistance at this level and begin to push to the downside.

jaymckeown99

Multi time frame analysis, Gold reached its target and is now pushing to the down side. Looking for a break past the 4H zone (yellow resistance line) due to large sell pressure (big wicks) to reach and retest the weekly mid range zone (purple area). From here a push to the upside could occur due to the weekly mid range zone being a previous key area of support and...

jaymckeown99

Multi time frame analysis, market in an overall uptrend, waiting for resistance at weekly mid range zone (Purple area) for a retest at the daily mid range zone (yellow area) before entry to the upside. Just an idea.

jaymckeown99

strong support and resistance levels found from the monthly time frame, weekly and daily, used 4H time frame for entry and believe this could be an opportunity for a sell position. Strong sell pressure signalled by large wick on previous candle.

jaymckeown99

possible idea for long entry, waiting for bullish engulfing candle close before entry to the upside.

jaymckeown99

small drop on 4H chart to hit double confirmation before making a possible strong bullish move to the upside to hit its monthly higher zone.

jaymckeown99

possible to enter short before then going long, potential reverse head and shoulders.

jaymckeown99

Gold has now began to retest its resistance level, if price fails to break this level of resistance a short move will be possible.

jaymckeown99

waiting on a push to the upside on the 4H to then possibly see a retest and then a final bearish move. Waiting on a double confirmation at resistance level on the 4H before entering short. This will then provide the head and shoulders pattern that was shown on the daily analysis.

jaymckeown99

possible head and shoulders, could see gold drop after hitting next resistance level at around 1.522 - 1.523.