"60 minutes" interview with the FED chairman Jerome Powell on the short term might have had a stronger positive impact on stocks than on the growing certainty of a snowballing effect on inflation which would be a good case for piercing the greater resistances ahead for Gold on the mid/long-term (ie. 1800 and 1900).
Confirmation of resistance @ 1740 USD and 40 RSI (1h chart) could form a right shoulder. Moving down strongly on oversold RSI area (1h chart) and a bouncing down on support line 1729 USD (i.e. making it resistance) would make the best confirmation of this idea and previous idea.
Previous ideas
1h
![[Gold] Inverted Adam and Eve](https://s3.tradingview.com/u/u9RYbcwb_mid.png)
1d
![[Gold] Will the 1800 wall be pierced?](https://s3.tradingview.com/r/rf9CK49o_mid.png)
Confirmation of resistance @ 1740 USD and 40 RSI (1h chart) could form a right shoulder. Moving down strongly on oversold RSI area (1h chart) and a bouncing down on support line 1729 USD (i.e. making it resistance) would make the best confirmation of this idea and previous idea.
Previous ideas
1h
1d
Note
Errata: H&S... not invertedNote
Cool!✅ Confirmation of resistance @ 1740 USD and 40 RSI
✅ Pierced support line 1729 USD
Note
![[Gold] Is 1680 on the way?](https://s3.tradingview.com/m/MB2eGbjr_mid.png)
Note
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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.