XAUUSD 1D Chart - 10th June
After last Friday's announcement of PBOC has ceased buying any more gold, originally to hedge inflation or sovereign risk leading gold prices on a massive retreat; by said announcement gold might be forming a head an shoulder pattern with a neck line indicated by the blue horizontal line. My position of gold remains short with a take profit at 2120, I believe that wave 3 is now completed and we are looking for point C. 2120 is also one of the pervious harmonic patterns that were broken and said level is now resistance to support, which is also two times the extension of the AB leg.
My previous trade of gold did get stop lost out, but I did reenter at ~ 2345.
The gold position stopping out also can be seen as institutional traders gunning for retail investors stop position, thus hitting a slightly newer high , and now having this retreat.
If you like my analysis , please give me a follow !!
My previous trade of gold did get stop lost out, but I did reenter at ~ 2345.
The gold position stopping out also can be seen as institutional traders gunning for retail investors stop position, thus hitting a slightly newer high , and now having this retreat.
If you like my analysis , please give me a follow !!
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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.