I got 3 patterns for bear
inverted cup, head, and shoulder, and this head and double shoulder pattern
because oil strike at Saudi I think dxy down, oil up = gold up too, so I choose this pattern for tomorrow
but I think the best way to see it, IF bulls above 1502 = bullish trend, so buy stop above 1502 SL under 1502 would be good back up idea
if we bear after...
but why? why bearish before 18 sept?
maybe market manipulation?
maybe everyone knew we just cut rate 25bps?
25 bps too low? become bearish trend?
or maybe the market positioning them self at 25bps cut rate?
if FOMC result 50 bps we will bullish trend again?
just skip trading for today 12 sep, maybe extend it to 13 sept, or worse skip friday too
I would rather see bounce on daily resistance (blue line)
with bullish scenario target 1504
break down on daily resistance
with bearish scenario target 1460
than scalping the chop chop 1494-1484 which is full of trap and sl hunt
after break down to this level, the volume would be high
we would see 20$ ++ movement again
but I don't think it would escalate to 1464 yet, the blue line needs to be respected and we will see gold retest again later