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
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.