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GOLD Retest of Cont. SHS Bearish Pattern is Possible

By Admiral Markets

Gold might be going through a revaluation phase, where Cryptocurrencies like Bitcoin are now rivaling it as the preferred risk-off asset or when such inflation risks persist. This crypto hype has potentially weakened some demand for Gold. Furthermore, there is the possibility that the US Fed may hike rates three times over the next 12 months, and this shifts further investments from Gold into Bonds.

Technically Gold is showing Bearish SHS continuation pattern (Head and Shoulders at support) and the price might retest a neckline that is a part of POC zone. The POC 1271-1274.50 (Bearish SHS neckline, order block, EMA89, D H4, 78.6) could potentially reject the price towards 1264.23 , 1261.28 and 1256.87. Break of 1281.80 and 4h close above it, might possibly negate bearish scenario.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

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Article by Admiral Markets

Source: GOLD Retest of Cont. SHS Bearish Pattern is Possible


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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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