Gold H & S at the 23% Retracement Level
Updated
Got a nice Head and shoulder Pattern forming at the 23% fib retracement level. I'm not a big believer in patterns, but I spotted it and thought I would draw. A Fundamental catalyst would help. If China and Trump reach trade agreement we could easily see a huge drop in gold.
Comment
Feeling pretty good about this one.zerohedge.com/commodities/real-driver-golds-recent-weakness?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+zerohedge/feed+(zero+hedge+-+on+a+long+enough+timeline,+the+survival+rate+for+everyone+drops+to+zero)
zerohedge.com/commodities/gold-prices-plunge-right-cue-china-golden-week-begins
Comment
Now I like it less. The Econ data really turned it around. Non-farm on Friday will be the deciding factor.
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.