Outlook for gold based on my analysis.
-
I see a H&S formation with the left and right shoulder nicely failing to break 50% fib on the weekly.
Currently gold is sandwiched between the 50% and 61.8% fib on the 4h, close to its trend line which correlates with the 61.8% fib.
I hope to see a nice breakout to the downside breaking the neckline of the H&S formation followed by a deep pullback before I will look for a sell opportunity.
-
Let me know what your thoughts are.
-
I see a H&S formation with the left and right shoulder nicely failing to break 50% fib on the weekly.
Currently gold is sandwiched between the 50% and 61.8% fib on the 4h, close to its trend line which correlates with the 61.8% fib.
I hope to see a nice breakout to the downside breaking the neckline of the H&S formation followed by a deep pullback before I will look for a sell opportunity.
-
Let me know what your thoughts are.