In November, the yellow metal failed to form a fresh high while under intense seller pressure, with the price heading to last month's low around the 1.759 handles.
Forming an H&S bearish pattern might confirm further downward movement, with plenty of room towards 1,723 or 1,678 support levels for a nice bears' run.
Daily candles realm shows a massive pennant pattern for further price compression within its range. Keep always in mind the negative correlation between the greenback and the precious metal. A stronger dollar offsetting Omicron's fears could weigh on the commodity price performance.
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Forming an H&S bearish pattern might confirm further downward movement, with plenty of room towards 1,723 or 1,678 support levels for a nice bears' run.
Daily candles realm shows a massive pennant pattern for further price compression within its range. Keep always in mind the negative correlation between the greenback and the precious metal. A stronger dollar offsetting Omicron's fears could weigh on the commodity price performance.
--
*** If you like the idea, please don't be shy and click on the like button; also, comments are very welcome. | Thanks for your support!!! ***
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FEEL FREE TO CHECK MY SOCIAL NETWORKS FOR MORE MARKET INFORMATION 🇺🇸 🇪🇸
INSTAGRAM:
instagram.com/og.fxtrader
FREE TELEGRAM:
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facebook.com/ogfxtrader
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.