Price on daily charts has already broken the crucial neckline of the H&S pattern and to add to that the price has also retested the neckline!
Now we should see the momentum gathering up towards the ascending trendline beneath this pattern which lies in the region of 1262.00 level.
For those of you who would prefer to take this pair SHORT please be advised that the risk to reward ratio is no longer 1:1 in other words the risk may exceed as the stop loss needs to be present above the right shoulder. in this case its not favorable to enter at the moment.
i am already SHORT on GOLD since the price was at around 1295.00 level back around 1.5 months ago. For now we should see the pace to the downside gather traction as the RISK ON mood dominates the markets.
This is just an update regarding this pair and by no means is a trade setup as the risk to reward ratio for the new bears are not in your favor. always manage your risks well when trading. If you like my analysis please drop it a LIKE and FOLLOW me if you want to receive further SWING trading analysis and setups in the future. cheers
Now we should see the momentum gathering up towards the ascending trendline beneath this pattern which lies in the region of 1262.00 level.
For those of you who would prefer to take this pair SHORT please be advised that the risk to reward ratio is no longer 1:1 in other words the risk may exceed as the stop loss needs to be present above the right shoulder. in this case its not favorable to enter at the moment.
i am already SHORT on GOLD since the price was at around 1295.00 level back around 1.5 months ago. For now we should see the pace to the downside gather traction as the RISK ON mood dominates the markets.
This is just an update regarding this pair and by no means is a trade setup as the risk to reward ratio for the new bears are not in your favor. always manage your risks well when trading. If you like my analysis please drop it a LIKE and FOLLOW me if you want to receive further SWING trading analysis and setups in the future. cheers
