As it is the case with all USD pairs, Gold is no different. A Sharp rise, multiple rejections then a downtrend.
Looking at the 4hrs chart we see a Head and Shoulders bearish pattern formed and confirmed after breaking below the neckline. Considering that DXY is likely going to confirm an Inverse H
S we see Gold continuing bearish momentum:
1) Testing 100MA at 1731.5 - if it did not rebound then 2 & 3 as well.
2) Pullback to Fibo levels
3) Testing the demand zone between 1703 & 1713
Love, Lacasafxfamily
Looking at the 4hrs chart we see a Head and Shoulders bearish pattern formed and confirmed after breaking below the neckline. Considering that DXY is likely going to confirm an Inverse H
S we see Gold continuing bearish momentum:1) Testing 100MA at 1731.5 - if it did not rebound then 2 & 3 as well.
2) Pullback to Fibo levels
3) Testing the demand zone between 1703 & 1713
Love, Lacasafxfamily
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Related publications
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.