Bearish Pennant on Gold
Updated
Gold is likely to kill most of the aggressive traders in last few days, leaving with confusion on its next path. With the current bearish trend in daily chart, it is public secret when gold is likely to drop more to the bottom of H&S around 1740-1720, as strong demand zone.
It will take around one and half week, mostly likely with the announcement of monthly NFP next week. When it reaching around this demand zone, it will hold to either break further down or going back up to the top. Next week is another story to tell, until now we stick to the plan that pennants breakout is gonna hit around 500pips.
Am not going to say my analysis is good, am just saying what the chart tell me. So tell me your comments below, we discuss in next comment.
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It will take around one and half week, mostly likely with the announcement of monthly NFP next week. When it reaching around this demand zone, it will hold to either break further down or going back up to the top. Next week is another story to tell, until now we stick to the plan that pennants breakout is gonna hit around 500pips.
Am not going to say my analysis is good, am just saying what the chart tell me. So tell me your comments below, we discuss in next comment.
Follow Me too!
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Breakout is in motion, to 1720 demand zone. Currently making a minor retracement around 1750. Can make a new re entry sell to demand zone 1740-1720. Another 300 pips to go. Happy trading
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