Hi Guys,
Gold is pulling back from 1.310 once again but is still above 400SMA and supported by 200SMA.
The double top may present an opportunity for a breakout of the 200SMA towards 1.294. However, in view of forthcoming FOMC meeting due today, intraday positioning is highly risky therefore not reccomended.
On March 10, I posted a H4 chart presenting an H&S formation with a RS at approx.1.320/1.310. Price stopped at 1.310 before pulling back twice.
Click & Play the following chart to watch the H&S pattern unfold:
So, IMHO, if support is confirmed on those crossing SMAs Gold may still run for a RS higher than 1.310 to extend and complete the RS. If it falls below 1.300 though I will probably try to position myself to make profits towards 1.294.
Good Luck & Carpe Diem!...if you can. Lol
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Gold is pulling back from 1.310 once again but is still above 400SMA and supported by 200SMA.
The double top may present an opportunity for a breakout of the 200SMA towards 1.294. However, in view of forthcoming FOMC meeting due today, intraday positioning is highly risky therefore not reccomended.
On March 10, I posted a H4 chart presenting an H&S formation with a RS at approx.1.320/1.310. Price stopped at 1.310 before pulling back twice.
Click & Play the following chart to watch the H&S pattern unfold:
So, IMHO, if support is confirmed on those crossing SMAs Gold may still run for a RS higher than 1.310 to extend and complete the RS. If it falls below 1.300 though I will probably try to position myself to make profits towards 1.294.
Good Luck & Carpe Diem!...if you can. Lol
Thank you for your support and for sharing your ideas.
Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
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