Gold has been maintaining resistance around 2040 for the last two days. On HTF such as H4 we can clearly see how price pushed up and created a new ATH before begin this massive retrace we are currently on. On the H1 the possibility of a head and shoulders pattern is increasing indicating that we could see price break our previous support level around 2010.
Scenarios:
#1- price breaks below support at 2010 giving us indication of short term reversal. Next major support will be at 1934.
#2- price respects support around 2010 and gives us a shift in structure on LTF's indicating we are continuing with the bullish bias.
Scenarios:
#1- price breaks below support at 2010 giving us indication of short term reversal. Next major support will be at 1934.
#2- price respects support around 2010 and gives us a shift in structure on LTF's indicating we are continuing with the bullish bias.
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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.