GOLD: If it fails, the bearish trend will return.
We already shared our view on daily chart last week (see analysis below), so today we will look for some potential Patterns on intraday chart. Having said that, if we look at the 1H chart, we cannot exclude the formation of Inverted Head and Shoulders, if this fails, the Price Action should trigger a new Low and a return to the bearish trend also on daily chart. Today, we will only think about managing our long position taken last week and we will think about adding position only after some confirmations which we are currently missing.
With this in mind, the signal will be confirmed with neckline breakout.
DAILY ANALYSIS
(Click on Chart below)
Trade with care
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With this in mind, the signal will be confirmed with neckline breakout.
DAILY ANALYSIS
(Click on Chart below)
Trade with care
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Note
🔴 1H Chart:Note
🔴 If Gold cancels the potential Inverted Head and Shoulders, it is possible to approach 1937 area.- Resistance Area: 1.929
Trade closed: target reached
✅ Intraday Target hit:
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Related publications
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.