In my last week's post, I mentioned that gold would potentially form an inverse head and shoulder pattern. In deed, the structure has been formed after last week's closing above 3300. In daily we also noticed that the trendline structure has been broken. Currently price is retesting the trendline. If daily candle respects the trendline, we would see a strong pushing on the price towards another ATH.
For next week's trading plan, I will closely monitor the trendline and 3280-3300 support. As long as this support holds, I am bullish on gold.
For next week's trading plan, I will closely monitor the trendline and 3280-3300 support. As long as this support holds, I am bullish on gold.
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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.