Head and Shoulders on Gold (Futures)
As can be seen on the chart above a head and shoulders pattern might be forming in the gold futures daily chart.
It is not a very clean pattern which makes it less reliable.
If the neck line is broken, the target will be a price drop equal to the distance from Head till neck line, which would bring us to around 1430.
Disclaimer:
This is just an idea of what might or might not happen and is by no means trading advice. Always trade on your own risk and do your own analysis.
It is not a very clean pattern which makes it less reliable.
If the neck line is broken, the target will be a price drop equal to the distance from Head till neck line, which would bring us to around 1430.
Disclaimer:
This is just an idea of what might or might not happen and is by no means trading advice. Always trade on your own risk and do your own analysis.
Trade active
Short triggered.See disclaimer above
Trade closed manually
Doesn't look good. May retest of the neckline. But it would have been a shame to let the profit vaporise.
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.
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.