Falling wedge and H&S pattern on Gold Daily

GOLD made a pattern that looks like a Head and Shoulders on the daily, a break below the blue neckline (and support) could see the metal falling to 12xx.... However, notice that the falling wedge (during an uptrend) is still intact. This means continuation to the upside. The real thing here is to wait how fundamentals will develop - US trade tariffs, EU meeting etc - as gold rises with a risk-off environment in the market, and falls with a risk-on environment.

Kommentera:

Hi all, to give an update to this setup and emphasize how much fundamentals are important, we have seen a sharp rise in the price of gold as threats about a trade war between USA and China dominated the headlines these days. As a result, safe-havens like JPY and gold rose, and the US dollar fell.