Gold / XAUUSD ~ Bearish H&S Dump / Emerging Asset Divergence
GOLD undergoing Bearish H&S - clear break below neckline; trying to establish a base to reverse momentum & re-test support.Unusually strong selling off no immediate news - feels like possible "Sell The News/Buy The Fact" event ahead of US CPI release, TBC..
DXY - up/flat/within range
US Treasuries (long-dated) - down/flat/within range
Silver - down/flat/holding support
Only Asset Class exhibiting similar volatility is Bitcoin, up over 4% (potential divergence with Gold, TBC).
Bullish Support Confluences:
- 38.2% fib retrace (~1903)
- July 2022 trend-line (~1900)
- Psychological level (~1900)
- August 2023 lows / demand zone (~1885)
Bearish H&S Extrapolation Targets:
- Primary = gap fill (~1870)
- Undershoot = psychological level / trend-line / August lows (~1900-1885)
- Overshoot = 50% fib retrace (~1850)
Wait for re-test/neckline rejection to confirm H&S pattern is in play...alternatively higher than usual implied volatility from macro-economic influences warrant risk mitigation (ie wait for the dust to settle) before entering a position..
Trade at your own risk!
GC1! XAUUSD 
SILVER 
BTCUSD 
DXY DX1! 
US10Y US20Y US30Y 
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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.