Gold Daily Call - Sideways to up
My potential H&S for gold is still in play.. We got the bounce from oversold levels yesterday and might get another attempt to recover today/tmrw towards the 38.2%-retracement of the recent sell-off at around USD 2,373ish.
But spot gold needs to hold above USD 2,335. Otherwise the sell-off will continue most likely towards USD2,300-2,280ish.
Once the lows for this pullback from USD 2,450 are in and a new buy signal on the daily stochastic emerges the potential right shoulder could bring gold prices back above USD 2,400ish which would fit with silver rallying towards USD 35ish+x.
But spot gold needs to hold above USD 2,335. Otherwise the sell-off will continue most likely towards USD2,300-2,280ish.
Once the lows for this pullback from USD 2,450 are in and a new buy signal on the daily stochastic emerges the potential right shoulder could bring gold prices back above USD 2,400ish which would fit with silver rallying towards USD 35ish+x.
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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.