Gold Related: Strong Sell
Updated
Head and shoulders reversal pattern formation complete on gold . Wait for confirmation with bounce off the 1290 neckline.
Suggest using a short position on futures options or mining etfs (JNUG, JDST) watch gold closely and cover to stop loss should price rise above the pattern's neckline.
Watch for breach of trendlines as indicated in chart to invalidate the trade.
Suggest using a short position on futures options or mining etfs (JNUG, JDST) watch gold closely and cover to stop loss should price rise above the pattern's neckline.
Watch for breach of trendlines as indicated in chart to invalidate the trade.
- Price Target 1: 200 day moving average currently at $1251
- Price Target 2: $1215 as i dicated by measuring destance from top of head to the neckline.
Trade active
Gold remains bearish. Short trade still in play as head and shoulders that's not been invalidated.Trade active
Head and Shoulders pattern confirmed at 1292.. buying to cover at 200-day moving average currently sitting at 1254
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.