$XAUUSD #Gold H&S Pattern
Updated
1. Head and Shoulders pattern emerging
2. Top looks like the tops in 2016 and early 2018
3. Fits long-term wedge
4. I have extended lines for a perfect EW (5=1, 3 longest)
5. Equity risk-on supports move.
6. Weakening AUD and ZAR are in line.
The only fly in the ointment is a weakening dollar, widely predicted although we haven't seem many signs of this. The trade is to buy here (currently 1290), with a 1.25% SL and target of the baseline and roundpoint 1200.
2. Top looks like the tops in 2016 and early 2018
3. Fits long-term wedge
4. I have extended lines for a perfect EW (5=1, 3 longest)
5. Equity risk-on supports move.
6. Weakening AUD and ZAR are in line.
The only fly in the ointment is a weakening dollar, widely predicted although we haven't seem many signs of this. The trade is to buy here (currently 1290), with a 1.25% SL and target of the baseline and roundpoint 1200.
Note
Shall we pretend my stop was a little bit higher ...
David Atherton
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