TECHNICALS
1.
- Gold has formed a double top bearish reversal pattern
- Neckline @ 1220 Pysc support
- This level would need to be broken to confirm bearish revival of trend
2.
- Gold has also however formed a very recent double bottom formation on the lower time-frames
- This could point to a short term bullish picture potentially
- Neckline @ 1225 significant resistance level
- This level would need to be broken to confirm bullish breakout
** Both patterns I feel have equally as likely chance to breakout. Best bet is to set BUY/SELL stops above
and below the respective patterns necklines.
** I do however lean to the bullish side as of recent as breaking news has come through that China and the US
will be holding talks this week to try and defuse the tarriffs/"trade-war" situation.
- this has proved very bearish for gold, however signs of a possible defusion may provide a change in a significant geopolitical fudamental,
providing gold some bullish momentum
Appreciate any thoughts/comments,
Thanks for reading,
James
1.
- Gold has formed a double top bearish reversal pattern
- Neckline @ 1220 Pysc support
- This level would need to be broken to confirm bearish revival of trend
2.
- Gold has also however formed a very recent double bottom formation on the lower time-frames
- This could point to a short term bullish picture potentially
- Neckline @ 1225 significant resistance level
- This level would need to be broken to confirm bullish breakout
** Both patterns I feel have equally as likely chance to breakout. Best bet is to set BUY/SELL stops above
and below the respective patterns necklines.
** I do however lean to the bullish side as of recent as breaking news has come through that China and the US
will be holding talks this week to try and defuse the tarriffs/"trade-war" situation.
- this has proved very bearish for gold, however signs of a possible defusion may provide a change in a significant geopolitical fudamental,
providing gold some bullish momentum
Appreciate any thoughts/comments,
Thanks for reading,
James