Is Gold about to fall off a cliff?
Good morning traders,
I hope everyone is having a good trading week. Just a quick thought on Gold after we saw it hit a 2019 high and fall back afterwards.
Looking at the chart, we can see what seems to be a possible H&S pattern completing. Price movement has come to a brief halt at $1289 after falling from $1324 just last week. Possible fundamentals to keep in mind is the global risk sentiment that seems to be on the up as the US and China continue trade talks, USDJPY is making a rebound bounce after dropping last week, global stocks are somewhat higher, and the US Dollar is gaining ground against most major currencies.
Should this H&S pattern indeed confirm to be valid and price moves below the 500 EMA on the 4H view, we could see price make its way down towards a previous support range located at $1217.
This is my thoughts on the possible path of Gold in the short term, again, do your own research before risking your own money.
Good luck :)
I hope everyone is having a good trading week. Just a quick thought on Gold after we saw it hit a 2019 high and fall back afterwards.
Looking at the chart, we can see what seems to be a possible H&S pattern completing. Price movement has come to a brief halt at $1289 after falling from $1324 just last week. Possible fundamentals to keep in mind is the global risk sentiment that seems to be on the up as the US and China continue trade talks, USDJPY is making a rebound bounce after dropping last week, global stocks are somewhat higher, and the US Dollar is gaining ground against most major currencies.
Should this H&S pattern indeed confirm to be valid and price moves below the 500 EMA on the 4H view, we could see price make its way down towards a previous support range located at $1217.
This is my thoughts on the possible path of Gold in the short term, again, do your own research before risking your own money.
Good luck :)
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