Gold Monthly Inverse Head and Shoulder
XAU/USD
- On the look out for bullish exhaustion so prices can pullback for RHS
- Top of the monthly Bollinger band in line with 2015 January high $1307.5 - perhaps resistance there
- Another potential resistance stands at the 50 monthly MA which currently trades at $1343 - in line with long term downtrend line
- If this trade works out, look to sell in a blow-off top or strong daily reversal candle for the inverse RHS
- On the look out for bullish exhaustion so prices can pullback for RHS
- Top of the monthly Bollinger band in line with 2015 January high $1307.5 - perhaps resistance there
- Another potential resistance stands at the 50 monthly MA which currently trades at $1343 - in line with long term downtrend line
- If this trade works out, look to sell in a blow-off top or strong daily reversal candle for the inverse RHS