HERE'S WHY GOLD IS STILL BEARISH
You may remember our H&S pattern idea in 
Gold a few days ago, and this is an update on that setup.
The yellow metal broke above the H&S neckline last week which didn't act as a resistance for the price.
However, the pattern is still valid in our eyes as the price is facing difficulties to break above the 61.8% Fib level, signaling a possible new lower high in the making.
Last three trading days formed strong pinbar patterns, each rejecting higher prices currently.
Since the H&S pattern is a reversal pattern, I still see a lower low and a possible lower high in the chart, which means we could get a strong down-move in the price from current levels, especially if the US dollar continues its bull-run.
Gold a few days ago, and this is an update on that setup. The yellow metal broke above the H&S neckline last week which didn't act as a resistance for the price.
However, the pattern is still valid in our eyes as the price is facing difficulties to break above the 61.8% Fib level, signaling a possible new lower high in the making.
Last three trading days formed strong pinbar patterns, each rejecting higher prices currently.
Since the H&S pattern is a reversal pattern, I still see a lower low and a possible lower high in the chart, which means we could get a strong down-move in the price from current levels, especially if the US dollar continues its bull-run.
Related publications
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.