Gold - Possible Inverted Head and Shoulders (Watching)
I was bearish on Gold starting this year, but yesterday's SNB move kind of throws a wrench into the works.
Price action forming an inverted head and shoulders having broken out from the neckline. Could see a possible retest to the support/resistance or 'BUY ZONE' near 1230 - 1220. If support holds, expect a rally towards 1300 and a bit more.
Not recommending a trade right away, but rather wait and see how price action shapes up near the 'Buy Zone'
I'd be cautious even if price spikes down to 1189/90 levels. Looking for a clean confirmation
Weekly Gold charts is turning bullish and it gives a much nicer price point to enter. Somewhere between 1221 - 1202 levels. (Chart here: www.tradingview.com/x/7L9rvotN/)
Price action forming an inverted head and shoulders having broken out from the neckline. Could see a possible retest to the support/resistance or 'BUY ZONE' near 1230 - 1220. If support holds, expect a rally towards 1300 and a bit more.
Not recommending a trade right away, but rather wait and see how price action shapes up near the 'Buy Zone'
I'd be cautious even if price spikes down to 1189/90 levels. Looking for a clean confirmation
Weekly Gold charts is turning bullish and it gives a much nicer price point to enter. Somewhere between 1221 - 1202 levels. (Chart here: www.tradingview.com/x/7L9rvotN/)
