Hi Guys,
following my post dated 14 May 2019 Gold was rejected at 1300 but was supported one more time by the longer SMA (620).
The rejection at 1300 marked a lower high compared to previous highs within the correction.
The 3 black S on the orange SMA diverge slightly with RSI but imho divergence not steep enough to prompt a pullback above 1300. Since RSI entered negative territory Gold has yet to be oversold therefore I am still favouring a continuation of the correction towards 0.618 Fibonacci of previous uptrend from A to B before a pullback may occur.
Please note the potential Head & Shoulders pattern (SHS in red).
For reference about how to trade the Head and Shuolders pattern please search in Google or visit the following link provided by Investopedia.
www.investopedia.com...technical/121201.asp
If Gold breaks above 2nd red S it may be the start of the pullback towards H and maybe beyond.
For additional information about Gold please refer to the related ideas linked at the end of this post.
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.
following my post dated 14 May 2019 Gold was rejected at 1300 but was supported one more time by the longer SMA (620).
The rejection at 1300 marked a lower high compared to previous highs within the correction.
The 3 black S on the orange SMA diverge slightly with RSI but imho divergence not steep enough to prompt a pullback above 1300. Since RSI entered negative territory Gold has yet to be oversold therefore I am still favouring a continuation of the correction towards 0.618 Fibonacci of previous uptrend from A to B before a pullback may occur.
Please note the potential Head & Shoulders pattern (SHS in red).
For reference about how to trade the Head and Shuolders pattern please search in Google or visit the following link provided by Investopedia.
www.investopedia.com...technical/121201.asp
If Gold breaks above 2nd red S it may be the start of the pullback towards H and maybe beyond.
For additional information about Gold please refer to the related ideas linked at the end of this post.
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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#Gold made a triple top in divergence with RSI in Week21
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This is to monitor the moves between #GOLD and #USDJPY which may provide clues on direction
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