Gold: struggling around support. Watch key levels.
Gold quickly cut the rally in this week despite of weak Dollar.
This is indeed a big problem.
With the third drop in row, XAUUSD sharps a Head and Shoulder pattern on the chart.
Gold now stands infimly on SMA50 and 23.6% Fib retracement of (1050-1275)
Any break of those key supports would send gold lower to next support : The Neckline of H & S pattern and even 38% Fib retracement level at 1190
Next week, we will have the answer whether Gold falls further or stop the correction to fuel next rally.
So we only watch three levels:
- SMA50
- Neckline of H & S pattern.
- 23.6% Fib Retracement.
---------------------------
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This is indeed a big problem.
With the third drop in row, XAUUSD sharps a Head and Shoulder pattern on the chart.
Gold now stands infimly on SMA50 and 23.6% Fib retracement of (1050-1275)
Any break of those key supports would send gold lower to next support : The Neckline of H & S pattern and even 38% Fib retracement level at 1190
Next week, we will have the answer whether Gold falls further or stop the correction to fuel next rally.
So we only watch three levels:
- SMA50
- Neckline of H & S pattern.
- 23.6% Fib Retracement.
---------------------------
Happly trading.
If you like my analysis, visit my page: facebook.com/trackingforexsignals
And my website :trackingforexsignals.com/
Free 1 month. You like, You subscribe.
More than 100 signal providers and +200 positions in Trading System. Track the best signals. No site has such feature around the world. Precise and Profitable.
- Trackingforexsignals - Think the right way.
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