Gold set to rise a lot more vs. Chinese Yuan => pattern breakout
Updated
3-year inverted head & shoulders breakout in XAU/CNH (offshore yuan).
Targeting 258+
Targeting 258+
Order cancelled
Ok, so I discovered belatedly that TradingView does not correctly invert forex crosses, which makes the above chart useless.Xau.Usd / Usd.Cnh should be the same as Xau * Cnh, as the Usd cancels out. This does not happen with TradingView.
I did not spot this at first. the reciprocal is closer to 8,500 than 211.
Thus the original rationale is not valid
Comment
The correct chart looks like this:Shows a descending triangle with an inner formation. Potentially still bullish, but not yet.
The main thing is to keep the main thing the main thing
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