GOLD Daily 9/22/19
Gold has been very mainly bullish on higher time-frames, however, price action does look like it’s forming a head & shoulders on a daily time-frame.
Will it play out or will the H & S pattern fail to form and execute?
Long situations will be considered after 1525.000 has been broken. Ideally a nice retest of this area with bullish confirmation patterns would be enough to enter and target toward 1560.0
If the right shoulder forms and price action begins to fall look for a break of the 1485.00 area which is the last key support keeping gold from falling. A nice retest of this broken zone with significant bearish variances would be perfect for an entry. Looking to target the 38.2% fib level around 1447.00 at least.
Gold has been very mainly bullish on higher time-frames, however, price action does look like it’s forming a head & shoulders on a daily time-frame.
Will it play out or will the H & S pattern fail to form and execute?
Long situations will be considered after 1525.000 has been broken. Ideally a nice retest of this area with bullish confirmation patterns would be enough to enter and target toward 1560.0
If the right shoulder forms and price action begins to fall look for a break of the 1485.00 area which is the last key support keeping gold from falling. A nice retest of this broken zone with significant bearish variances would be perfect for an entry. Looking to target the 38.2% fib level around 1447.00 at least.
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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.