BULLISH ON US GOLD (INVERTED HEAD & SHOULDERS PATTERN)
Bullish clues:
- Support zone at $1,760 USD
- Strong bearish rejection of candlesticks on the support zone
- Rebound on the upper band of a former bearish channel
- CCI (Commodity Channel Index) is currently oversold
- Inverted Head & Shoulders pattern (neckline exactly corresponds to the 38.2% Fibonacci retracement level)
Fundamental news:
- Demand for metals remains high, especially in an economy recovery
- While the debt of the Chinese real estate giant Evergrande has raised fears of financial crisis in recent days, Gold is holding its role as a safe haven
- Fed interest rate decision and remain key catalysts for Gold prices
Objectives:
Gold could goes up to the level of $1,830 USD (neckline of the Inverted Head & Shoulders pattern = 38.2% Fibonacci retracement level) and then, if the Inverted Head & Shoulders pattern is confirmed (wait for a pullback),Gold could goes up to the 50% Fibonacci retracement level at $1,875 USD and then up to the strong bearish resistance at $1,920 USD (corresponds to the 61.8% Fibonacci retracement level). The theoretical objective of the pattern is $1,982 (which almost corresponds to the 78.6% Fibonacci retracement level).
MAYBE WE HAVE TO WAIT THE BREAK UP OF THE 100 EXPONENTIAL MOVING AVERAGE FOR AN AGGRESSIVE ENTRY AND A PULLBACK ON THE NECKLINE AT $1,830 FOR A CONSERVATIVE ENTRY.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Support zone at $1,760 USD
- Strong bearish rejection of candlesticks on the support zone
- Rebound on the upper band of a former bearish channel
- CCI (Commodity Channel Index) is currently oversold
- Inverted Head & Shoulders pattern (neckline exactly corresponds to the 38.2% Fibonacci retracement level)
Fundamental news:
- Demand for metals remains high, especially in an economy recovery
- While the debt of the Chinese real estate giant Evergrande has raised fears of financial crisis in recent days, Gold is holding its role as a safe haven
- Fed interest rate decision and remain key catalysts for Gold prices
Objectives:
Gold could goes up to the level of $1,830 USD (neckline of the Inverted Head & Shoulders pattern = 38.2% Fibonacci retracement level) and then, if the Inverted Head & Shoulders pattern is confirmed (wait for a pullback),Gold could goes up to the 50% Fibonacci retracement level at $1,875 USD and then up to the strong bearish resistance at $1,920 USD (corresponds to the 61.8% Fibonacci retracement level). The theoretical objective of the pattern is $1,982 (which almost corresponds to the 78.6% Fibonacci retracement level).
MAYBE WE HAVE TO WAIT THE BREAK UP OF THE 100 EXPONENTIAL MOVING AVERAGE FOR AN AGGRESSIVE ENTRY AND A PULLBACK ON THE NECKLINE AT $1,830 FOR A CONSERVATIVE ENTRY.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Commento:
Hope a rebound at the opening on Monday.
Ordine annullato:
Inverted Head & Shoulders invalidated