Clearly gold is presenting itself in a bearish channel. After Gold peaked and hit strong resistance yesterday. I had to change my wedge lines to complement the resistance at the top 1740-1750ish historical support area.
not only is a head and shoulder pattern forming on the hourly, but there is also a rising wedge that could possibly complete and drive the gold price down to previous support levels. I expect a retest of the 1680 area and a possible bounce up and than further down to 1640 support ( which has proven to be strong )
Another idea to pay attention to is the fact that Both the S&P500 and the DJI are in a rising wedge pattern along with Gold. I anticipate another sell off in the over all market possibly next week.
not only is a head and shoulder pattern forming on the hourly, but there is also a rising wedge that could possibly complete and drive the gold price down to previous support levels. I expect a retest of the 1680 area and a possible bounce up and than further down to 1640 support ( which has proven to be strong )
Another idea to pay attention to is the fact that Both the S&P500 and the DJI are in a rising wedge pattern along with Gold. I anticipate another sell off in the over all market possibly next week.
Nota
Happy trading !!!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.