Gold-- Head, Shoulders and Descending Triangle
Head, shoulders, & a descending triangle all in one, with the triangle forming right at the neckline support. You already know something's about to happen. The main setup here is the head and shoulders pattern, and this is looking pretty bearish. Break below the neckline support and we could expect to see some knees and toes to this chart. Price is wedging, and making lower highs. A break above the downtrend line could signal a reversal and push back up to retest the $2000 mental number.
This is definitely going to move quick soon.
-Bullish at a break above descending triangle resistance line
-Bearish below neckline support
This is mostly a bearish setup due to the head and shoulders pattern. Price is just starting to get very tight following the H&S, indicating some intense pressure for a sure move in either direction.
This is definitely going to move quick soon.
-Bullish at a break above descending triangle resistance line
-Bearish below neckline support
This is mostly a bearish setup due to the head and shoulders pattern. Price is just starting to get very tight following the H&S, indicating some intense pressure for a sure move in either direction.
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