|
Gold’s price action this week has provided a few big shifts with its sell off towards the end of the week. Gold has now confirmed its right hand shoulder of a Head & Shoulder pattern, while simultaneously breaking its uptrend line which commenced in Nov / Dec 18. The price action has also formed a lower low & lower high, which I covered last week to members. The final confirmation for a Head & Shoulders formation, which is a breach of its neckline / support level, appears to be a high probability event going forward. Whether this occurs this coming trading week or the next, Gold is looking likely to breach its major support at $1,280 & head back to longer term uptrend line shown around $1,240 - $1,260.  When you consider that the market today is now pricing a 76% chance of a rate cut in 2019, the price action of Gold relative to the future Fed funds rate direction is at odds. However the market is always right & we have to respect the price action currently being shown by Gold.  If you enjoyed this review of Gold, that was originally posted for members at Guruhaven.com, you can join the community free to receive macro news, trading ideas, education along with chart review requests on your favorite positions & trades from Crush The Market and other traders and investors. Simply visit Guruhaven using referral code: Crush19 by clicking here
If you would like to take a look at this week newsletter of some of the best posts on Guruhaven, simply Click Here Disclaimer: Please note all information presented here at crushthemarket.com, Guruhaven weekly newsletter and within the Guruhaven.com website and its community platform are presented for educational purposes only, and does not represent financial advice in any way. If you require financial advice please seek a licensed advisor who can provide these services.
0 Comments
Leave a Reply. |