Gold Head and Shoulders formation on the 4 HR
Head and Shoulders formation on the 4H chart. Waiting for price to break below the neckline at 1287 for an impulsive move lower to 1218.50-1220 level, which is previous resistance and then head back up break the 1400 multi year resistance. Also the selloff can be attributed to end of quarter dollar flow coming in, strengthening the dollar.
Main risks for this SHORT Gold trade are: Mounting tensions with Pakistan and India, the US and China Trade Deal and tensions in the South China Sea, global debt levels and demographic shifts due to an aging population. Now these risks are positive for gold, however these factors are not favorable for my short.
Main risks for this SHORT Gold trade are: Mounting tensions with Pakistan and India, the US and China Trade Deal and tensions in the South China Sea, global debt levels and demographic shifts due to an aging population. Now these risks are positive for gold, however these factors are not favorable for my short.