GOLD - Pull back expected to 1450 - H&S
Hello Traders,
The USD gained a lot of strength early hours this morning during Trumps speech.
Trump suggested he was positive on making a deal with China, Japan and the UK after Brexit.
GOLD dropped due to decreased demand of safe haven assets.
The head and shoulders pattern is suggesting a break towards the 61.8% FIB level at roughly 1450.
This is also aligned with the previous resistance levels.
We will look to go long from 1460-1450.
the meeting between Trump and China is in October, if this does not go to plan, safe haven demand could increase.
GOLD is in a bull run, therefore we will not be shorting but preparing to buy in the dips. The trend is your friend.
If you are new to trading download our FREE beginners trading guide.
forexstoreau.com
Let us know your thoughts below!
The USD gained a lot of strength early hours this morning during Trumps speech.
Trump suggested he was positive on making a deal with China, Japan and the UK after Brexit.
GOLD dropped due to decreased demand of safe haven assets.
The head and shoulders pattern is suggesting a break towards the 61.8% FIB level at roughly 1450.
This is also aligned with the previous resistance levels.
We will look to go long from 1460-1450.
the meeting between Trump and China is in October, if this does not go to plan, safe haven demand could increase.
GOLD is in a bull run, therefore we will not be shorting but preparing to buy in the dips. The trend is your friend.
If you are new to trading download our FREE beginners trading guide.
forexstoreau.com
Let us know your thoughts below!
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