Gold after exiting the consolidation, which is the basis of the H&S reversal pattern, and falling by 1.7% gold may form a correction to accumulate the potential to continue its fall
The correction allows to accumulate energy before the fall at the expense of those who were selling (collect sellers' stoplosses), those who are now buying (collect stoplosses after the reversal).
Scenario: if the correction continues to the resistance 3260, it will be a key point from which we can consider the continuation of the fall. The signal for the fall will be the lack of opportunity to continue growth, i.e. false breakout and consolidation below 3260.
The correction allows to accumulate energy before the fall at the expense of those who were selling (collect sellers' stoplosses), those who are now buying (collect stoplosses after the reversal).
Scenario: if the correction continues to the resistance 3260, it will be a key point from which we can consider the continuation of the fall. The signal for the fall will be the lack of opportunity to continue growth, i.e. false breakout and consolidation below 3260.
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Trade closed: target reached
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❤️ Telegram channel: t.me/AndeWave
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.