Gold reversed strongly after having reached the resistance area of the 2050 price level, testing a low of 1970.
However as the price failed to break above the 50% Fibonacci retracement level overnight, a continuation of the downside can be expected but could be limited
Watch price action along the 1985 price level where a rebound from this level could form an inverted head and shoulder pattern, with the neckline at the 2010 price level.
This inverted head and shoulder pattern could lead to a resumption of the uptrend for Gold. Naturally, the directional bias of Gold will also be dependent on the DXY.
However as the price failed to break above the 50% Fibonacci retracement level overnight, a continuation of the downside can be expected but could be limited
Watch price action along the 1985 price level where a rebound from this level could form an inverted head and shoulder pattern, with the neckline at the 2010 price level.
This inverted head and shoulder pattern could lead to a resumption of the uptrend for Gold. Naturally, the directional bias of Gold will also be dependent on the DXY.
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Join my mailing list jindaotai.com/joinme
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.