Head, Shoulders, Knees, and Toes. With confirmation
Updated
We experienced heavy selling pressure on gold today once the head and shoulders pattern was confirmed at 1292 neckline .
Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover
Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover
Note
Forgot to mention we will likely base resistance along the way down particularly at 1272.
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