Daily resistance is broken. . Head And Shoulders on the 1-Hour?
Hi Traders,
Hope you have all had a great week.
We’re just having a look at gold to try and see if there is a potential setup forming for next week.
We have broken through the daily resistance at 1879. We have seen very strong bullish volume which helped push us through that zone.
Since then, we have had no retest down to that price point so it technically has not been flipped to support yet, as such. Does it need to? Not necessarily.
If we look at the 1-hour time frame, we might be setting up for a potential head and shoulders that could send us back down to retest that 1879 area and perhaps even go through it again.
We see here that volume is also decreasing indicating a potential move soon.
I don’t like taking any setups around strong Support and resistance zones. Things can be volatile. I would prefer to wait this out as it is a Friday as well, and then see what next week brings. There’s no rush jumping into a trade just because.
If you want to look for a short position, this could be something that could be interesting to you.
So let us see what the day brings and as always, if there is anything that starts to form, I will surely be posting it. Hope you all have an awesome weekend.
Vortex
Hope you have all had a great week.
We’re just having a look at gold to try and see if there is a potential setup forming for next week.
We have broken through the daily resistance at 1879. We have seen very strong bullish volume which helped push us through that zone.
Since then, we have had no retest down to that price point so it technically has not been flipped to support yet, as such. Does it need to? Not necessarily.
If we look at the 1-hour time frame, we might be setting up for a potential head and shoulders that could send us back down to retest that 1879 area and perhaps even go through it again.
We see here that volume is also decreasing indicating a potential move soon.
I don’t like taking any setups around strong Support and resistance zones. Things can be volatile. I would prefer to wait this out as it is a Friday as well, and then see what next week brings. There’s no rush jumping into a trade just because.
If you want to look for a short position, this could be something that could be interesting to you.
So let us see what the day brings and as always, if there is anything that starts to form, I will surely be posting it. Hope you all have an awesome weekend.
Vortex
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