After my last analysis i notified you guys the head and shoulder pattern forming. This indicating a good pullback or reversal in gold. I told everbody as long as the right shoulder stays intact we should SELL the gold market.
Last friday NFP came out less then the expected numbers wicht is good for gold. SO gold pushed bullish around 100pips. THis was only a temporaraly move as in a news fakeout. In the end off friday gold fell back under the shoulder level. On monday market opening during ASia session gold retested the strong right shoulder and fell lower.
1975-1976 is our first target. If gold manage to break this level wich is also the neckline of the head and shoulder pattern. Then a further drop will follow towards 1964. Longterm target are 1953 and 1930's
Resistance: 1992, 2009, 2022
Support: 1976, 1964, 1953
Goodluck!
Last friday NFP came out less then the expected numbers wicht is good for gold. SO gold pushed bullish around 100pips. THis was only a temporaraly move as in a news fakeout. In the end off friday gold fell back under the shoulder level. On monday market opening during ASia session gold retested the strong right shoulder and fell lower.
1975-1976 is our first target. If gold manage to break this level wich is also the neckline of the head and shoulder pattern. Then a further drop will follow towards 1964. Longterm target are 1953 and 1930's
Resistance: 1992, 2009, 2022
Support: 1976, 1964, 1953
Goodluck!
Commento:
According to my analysis gold fell and is hovering around 1971 at the moment. Our first target has reached. Expecting a further drop towards 1964
Commento:
Congrats if you followed. Target 1964 hit. I have adviced traders to buy the gold market around 1963. But it missed entree. Waiting for more confirmations before going long(shortterm)
