Gold - Potential H&S
On the intraday chart, Gold may be in midst of completing a H&S pattern.
Price has formed the right shoulder peak . A Neckline is discernable.
Momentum and Volume are in divergence to price. That is , there is a progressive decline in both as the price looks to form a third peak.
A short trade is considered
a. Aggressive - from this peak, with stop outside the ATH.
b. Conservative - from a neckline break.
Target is structural support below.
Price has formed the right shoulder peak . A Neckline is discernable.
Momentum and Volume are in divergence to price. That is , there is a progressive decline in both as the price looks to form a third peak.
A short trade is considered
a. Aggressive - from this peak, with stop outside the ATH.
b. Conservative - from a neckline break.
Target is structural support below.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.