Gold: Week 11Hi Guys,
I've just seen a tweet from @PeterBrandt (twitter.com) that shows a "common bottom".
Well, in week9 - beginning week10; Gold made a "common bottom" XAB.
What happened next is an attempt to regain and consolidate above 1300 throughout week10.
At the moment BD are higher lows and AC are higher highs. RSI just above 50.
Gold squeezed between 200 (support) and 400SMAs (bearish pressure).
I am not convinced that the RS is completed. In my post Gold:Week10 in the related ideas linked below I was expecting the RS to be between 1310 and 1320. Last Wednesday it stopped at 1310.
If Gold crosses the 400SMA above 1310 it may run towards 1320. However if Gold crosses the 200SMA next support is B. IMHO failure to consolidate above 1300 may drive sentiment lower for a breakdown of the neckline of the H&S pattern ABCDE above towards B or maybe X.
TO NOTE also the formation made at D on the 200SMA. Also this one looks like a "common bottom". Lol.
But as always let's be patient and wait for the week to unfold.
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Disclaimer:
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