Gold has printed an inverse Head and Shoulders pattern, which is currently providing a possible buying opportunity on the chart.
The structure is forming around an important weekly demand zone, making this area even more interesting from a technical perspective.
After the recent bearish move, price is now stabilizing around support and starting to show signs of exhaustion from sellers.
At the moment, the market is still inside a bearish structure, but if buyers manage to regain momentum, we could see a strong upward reaction from this zone.
For now, we are not entering blindly.
The main confirmation we are waiting for is a clean break of the downward trendline.
If that happens, it could confirm the bullish scenario and give us a solid short-term buy setup with favorable momentum to the upside.
We prefer to wait for the market to clearly confirm the move before taking any position.
The structure is forming around an important weekly demand zone, making this area even more interesting from a technical perspective.
After the recent bearish move, price is now stabilizing around support and starting to show signs of exhaustion from sellers.
At the moment, the market is still inside a bearish structure, but if buyers manage to regain momentum, we could see a strong upward reaction from this zone.
For now, we are not entering blindly.
The main confirmation we are waiting for is a clean break of the downward trendline.
If that happens, it could confirm the bullish scenario and give us a solid short-term buy setup with favorable momentum to the upside.
We prefer to wait for the market to clearly confirm the move before taking any position.
Trade attivo
Entering buy position with TP around $4697.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.