IMHO, this instrument is in a bear trend in the bigger picture and the shaded area on chart is a good contender for bear trend resumption.
A potential Head & Shoulder is visible(more on the weekly chart) with the right shoulder currently in progress, at this point, i am actively seeking a possibility of a short to target 1188.80 as TP1 with stops above 1296.
On the other hand, a substantial close above 1287 must be accomplished to confirm and encourage bullish intentions for a fresh long Bull term trend but that failing, the bears will hold sway especially if minor support around 1262 fails to hold as this is the support for the current bullish momentum.
A potential Head & Shoulder is visible(more on the weekly chart) with the right shoulder currently in progress, at this point, i am actively seeking a possibility of a short to target 1188.80 as TP1 with stops above 1296.
On the other hand, a substantial close above 1287 must be accomplished to confirm and encourage bullish intentions for a fresh long Bull term trend but that failing, the bears will hold sway especially if minor support around 1262 fails to hold as this is the support for the current bullish momentum.
Note
..on the sidelines, watching for reactions, soon big move will occur, anticipated H & S invalidated. A brief decline to top of shaded area on chart then a bounce is an option or a seemingly rejection from resistance (thick blue horizontal line on chart) forming a double top :) ..but soon enough the next directions will become clear.
Note
Crashing time for Gold? interesting times ahead indeed, updates to followNote
Good Gold!Note
mirror mirror, lolly dolly, who is fallest of them all? ¬GOLD VERY MUCH ON TRACKNote
nice.. finger=licking 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.