GOLD: Just BO H&S; Fake-out or Wave 5 of 3 continues?
Gold just BO of a head & shoulder pattern inside the triangle wave 4. This may mean that wave 4 has bottomed & wave 5 has already begun.
The measured move of H&S shall be 2211.(the green box)
However, this may turn out to be a fake-out if equities rally again on risk-on sentiment...or if $ DXY continues its wave 3 uptrend.
A conservative entry will be to wait for a higher high above the 1877 & 1920 zone.
A fake-out will send gold back down to retest 1800 or even worse, the previous double bottom at 1677.
not trading advice
The measured move of H&S shall be 2211.(the green box)
However, this may turn out to be a fake-out if equities rally again on risk-on sentiment...or if $ DXY continues its wave 3 uptrend.
A conservative entry will be to wait for a higher high above the 1877 & 1920 zone.
A fake-out will send gold back down to retest 1800 or even worse, the previous double bottom at 1677.
not trading advice
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