Daily:
Gold is back in the upper range of this consolidation zone. You can see the high of the range is 3440, and the low is 3250 roughly.
Gold is clearly making a bullish pennant pattern. When gold reached the top trend line, we expected a breakout. Once again, we are finding resistance. (as of now)
4-Hour
Inverted Head and Shoulders - Simple trading
Gold broke out of an inverted head and shoulders pattern and just hit the target at 3395. Gold is now finding resistance and failing to find support.
Bulls:
Gold is pulling back into an Inverted FVG on the Daily. If the price is bullish, then we should reject the gap with ease. (Gap is from 3360-3376) Gold is on the brink of a daily breakout or another rejection back down to support.
Bears:
If Gold continues to fall with clean displacement through support. We can say the news from last week was false, and gold is still trending bearish. expect a fall back down to 3320
Gold is back in the upper range of this consolidation zone. You can see the high of the range is 3440, and the low is 3250 roughly.
Gold is clearly making a bullish pennant pattern. When gold reached the top trend line, we expected a breakout. Once again, we are finding resistance. (as of now)
4-Hour
Inverted Head and Shoulders - Simple trading
Gold broke out of an inverted head and shoulders pattern and just hit the target at 3395. Gold is now finding resistance and failing to find support.
Bulls:
Gold is pulling back into an Inverted FVG on the Daily. If the price is bullish, then we should reject the gap with ease. (Gap is from 3360-3376) Gold is on the brink of a daily breakout or another rejection back down to support.
Bears:
If Gold continues to fall with clean displacement through support. We can say the news from last week was false, and gold is still trending bearish. expect a fall back down to 3320
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.