XAUUSD - Long

So we have completed the move from the triple top bring the price down to just below the 1950. A the moment I have a short from the supply zone back down the demand zone below. Once this has hit I see Gold going bouncing back up to create an Inverted Head & shoulders pattern, If this happens pattern completion should be around 1985. If this does we need to be careful of the 200ma. I wonder if the previous supply or the 200ma will be the factor which brings it back down slightly to re-test eh neck line of the IHS.

Kommentar:

Ok, Short target has been reached. Now let's see what happens, see if we get a reversal pattern to confirm my idea.

Kommentar:

My idea will not be valid on a break and close of 1948

Kommentar:

So we still haven't closed below the invalidation zone so this idea still has potential. However we are also still very much looking bearish. The news at 3pm might change this however I will for confirmation either way.

Kommentar:

now we have closed below the zone so the long idea is not valid