Gold has had a huge run over the past week, regaining 1300 level. However, the run up appears exhausted (at least up to now), and we are not seeing any impulsive buying even after the downward trendline broke intraday today. Looking back at the last minute of gold before it broke out of its downtrend last time, it clearly formed an inverse H&S pattern. So based on the fact that (1) gold did not bolt up as expected today, and that (2) EURUSD appears exhausted and ready for a pullback, we might see a final thrust down in gold before the end of the week, down towards 1288 area.
Just some random calls, very likely not played out.
Just some random calls, very likely not played out.
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I think now GOLD is trying to put in a reversal pattern. Neat and clean. With DXY bouncing to work off oversold RSI level and, things can get quite bullish once that shoulder line gets tested.
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Bottom is being put in right now. However it all depends on whether dollar can be kept in the downtrend. 10 minutes left to avoid printing a solid hourly candle above the down trend line. Some positive signs on EURUSD to bounce slightly up, gold hoping to put in its right shoulder of an Inverse H&S pattern just below its downward resistance. We'll see what happens 10 minutes later.
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Still no bottoming patterns, except a potential double bottom, which is quite weak given that the trading range is tight. This post will now be closed and pls refer my newer updates on gold.Trade closed manually
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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.