Will Gold Complete the Head and Shoulders Pattern for a Short-Term Sell Signal?
2023.11.07 05:40
Today’s Trade Ideas:
Gold remains in a 2-week sideways consolidation. We broke support at 1988/85 which then worked as resistance and tested the neckline to a short-term head and shoulders pattern on the 1-hour chart at 1976/75 with a low for the day exactly here. It’s a delicate situation! A break below 1973 should be a sell signal if we hold below 1978 therefore and targets 1963/91, 1943/40, and even 1934/31 is possible eventually.
However, for today we should find strong support at 1965/61 so watch for a low for the day if you are scalping short-term levels and take a profit on a bounce to 1972/74.
A bounce from 1976/75 targets 1985/87. A break above 1989 should be a buy signal for today targeting 1992 and 1997. Perhaps as far as 2000/2003.
Trends and trade opportunities for Gold and after US nonfarm payroll is lower than expected
