Possible Inversed Head and shoulders ?

13 giu 2023

I have an open Sell long position since Friday on XAUUSD , and later After basic analysis by me and with the help of few friends which are more knowledgeable in this field. I have been able to identify a divergence on the second shoulder which confirms the Inversed H&S using the MACD. What is your opinion about it and I welcome anyone to correct me if im mistaken. Im on a learning curve and Im looking forward for the community's feedbacks. Thank you :)

(Current position : range -> 1960.62// TP -> 2020)

13 giu 2023

Nota

By Joseph Adinolfi

Gold prices traded slightly higher on Tuesday as investors awaited the release of the U.S. May consumer-price index, an closely watched gauge of inflation, ahead of a Federal Reserve interest rate decision on Wednesday.

Price action

What's happening

Softer-than-expected May U.S. inflation data could help push gold prices back above the $2,000 per ounce level, market analysts said.

"...A colder-than-expected inflation report might be a nightmare for the U.S. dollar but a blessing for assets such as stocks and gold, which usually benefit from expectations of lower interest rates," said Marios Hadjikyriacos, senior investment analyst at XM, in emailed commentary.

"A hotter-than-expected CPI could have the opposite effects, helping to boost the greenback while punishing equities and gold prices."

-Joseph Adinolfi

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