Gold update
It can be seen in the 4 hr chart that at the previous H&S bottom, following the breakout of the falling wedge, it rose to 1807.93.
A downtrend formed after 1807.93.
The price broke through the downtrend line yesterday, and the short-term target price can be seen at 1771.20.
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In the daily chart on the right, it started to fall from 2070.42, and formed an inverted cup handle pattern (thick black line) during the decline, all the way down to 1681.00.
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1681.00 is a very critical price. The price of gold has been tested here many times, and it is also the neckline of a larger double top. If it falls below 1681.00 in the future, gold may usher in a wave of decline.
(The pin bar is marked by the arrow in the figure; the moving averages also turned into a short arrangement later.)
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If the 4 hr target price of 1771.20 is successfully reached, and it will also touch the resistance of the daily trend line, if the price can rebound here and probe down, and test 1681.00 again without falling below, then gold may form a double bottom. , and then break through the downtrend line.
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In brief, the short-term break of the trend line is bullish, the long-term is still bearish, and resistance is about to be encountered.
-
A downtrend formed after 1807.93.
The price broke through the downtrend line yesterday, and the short-term target price can be seen at 1771.20.
-
In the daily chart on the right, it started to fall from 2070.42, and formed an inverted cup handle pattern (thick black line) during the decline, all the way down to 1681.00.
-
1681.00 is a very critical price. The price of gold has been tested here many times, and it is also the neckline of a larger double top. If it falls below 1681.00 in the future, gold may usher in a wave of decline.
(The pin bar is marked by the arrow in the figure; the moving averages also turned into a short arrangement later.)
-
If the 4 hr target price of 1771.20 is successfully reached, and it will also touch the resistance of the daily trend line, if the price can rebound here and probe down, and test 1681.00 again without falling below, then gold may form a double bottom. , and then break through the downtrend line.
-
In brief, the short-term break of the trend line is bullish, the long-term is still bearish, and resistance is about to be encountered.
-
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