So we have completed the move from the triple top bring the price down to just below the 1950. A the moment I have a short from the supply zone back down the demand zone below. Once this has hit I see Gold going bouncing back up to create an Inverted Head & shoulders pattern, If this happens pattern completion should be around 1985. If this does we need to be careful of the 200ma. I wonder if the previous supply or the 200ma will be the factor which brings it back down slightly to re-test eh neck line of the IHS.
Note
Ok, Short target has been reached. Now let's see what happens, see if we get a reversal pattern to confirm my idea.Note
My idea will not be valid on a break and close of 1948Note
So we still haven't closed below the invalidation zone so this idea still has potential. However we are also still very much looking bearish. The news at 3pm might change this however I will for confirmation either way.Note
now we have closed below the zone so the long idea is not valid
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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.