GOLD: week10 update1
Hi Guys,
on Monday morning Gold retrieved from Friday's hights along with sentiment as shown in RSI to find support on the 100SMA at approx 1290 in the afternoon.
Retail Sales were up today but faild to uplift DXY above 97.40 turning short term sentiment for US dollar into bearish (positive for Gold).
AToW Gold is still supported by the 100SMA even if sentiment is below 50RSI. Today's move retraced approx 0.618 of last Friday's move (A to B). The bounce on the 100SMA may be the start of the 3rd wave going into forming the second shoulder of the potential H&S into or just above the 250SMA coming down. (For the potential H&S pattern please refer to my posts in the related ideas linked below). However, if 100SMA is breached next step would be 1285 and H&S just a mirage. Be carefull. At midnight Fed Chair Powell speaks. Tomorrow CPI datas but mainly UK Parliament vote on Brexit deal.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
on Monday morning Gold retrieved from Friday's hights along with sentiment as shown in RSI to find support on the 100SMA at approx 1290 in the afternoon.
Retail Sales were up today but faild to uplift DXY above 97.40 turning short term sentiment for US dollar into bearish (positive for Gold).
AToW Gold is still supported by the 100SMA even if sentiment is below 50RSI. Today's move retraced approx 0.618 of last Friday's move (A to B). The bounce on the 100SMA may be the start of the 3rd wave going into forming the second shoulder of the potential H&S into or just above the 250SMA coming down. (For the potential H&S pattern please refer to my posts in the related ideas linked below). However, if 100SMA is breached next step would be 1285 and H&S just a mirage. Be carefull. At midnight Fed Chair Powell speaks. Tomorrow CPI datas but mainly UK Parliament vote on Brexit deal.
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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