where gold go next??
Gold is recovering for the second day in a row after it formed a bearish two-bar reversal pattern (green-shaded rectangle in the chart below) at the top of the early-July move. This pattern forms after a long green-up day is followed by a long red-down day of a similar length and size. It can be a sign of a short-term reversal.
The outlook is unclear. There is a risk Gold could pull back to the 50-day Simple Moving Average (SMA) at $2,343.
That said, the break above the downward trendline on June 27 turned the tables for the precious metal, establishing a more bullish outlook.
If Gold breaks above Friday’s peak of $2,393, it will continue the sequence of higher highs and probably unlock the next target at the $2,451 all-time high.
The bearish Head & Shoulders (H&S) topping pattern that formed from April to June has been invalidated by the recent recovery. However, there is still a chance – albeit much reduced – that a more complex topping pattern may have formed instead.
If a complex pattern has formed in place of the H&S, and the price breaks below the pattern’s neckline at $2,279, a reversal lower may still be possible with a conservative target at $2,171, the 0.618 ratio of the height of the pattern extrapolated lower.
The trend is now sideways in both the short and medium term. In the long term, Gold remains in an uptrend.
The outlook is unclear. There is a risk Gold could pull back to the 50-day Simple Moving Average (SMA) at $2,343.
That said, the break above the downward trendline on June 27 turned the tables for the precious metal, establishing a more bullish outlook.
If Gold breaks above Friday’s peak of $2,393, it will continue the sequence of higher highs and probably unlock the next target at the $2,451 all-time high.
The bearish Head & Shoulders (H&S) topping pattern that formed from April to June has been invalidated by the recent recovery. However, there is still a chance – albeit much reduced – that a more complex topping pattern may have formed instead.
If a complex pattern has formed in place of the H&S, and the price breaks below the pattern’s neckline at $2,279, a reversal lower may still be possible with a conservative target at $2,171, the 0.618 ratio of the height of the pattern extrapolated lower.
The trend is now sideways in both the short and medium term. In the long term, Gold remains in an uptrend.
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