JamesEvison
Long

GOLD: LONG - Trendline break + retest. 1222 Pysc support holding

TVC:GOLD   CFDs on Gold (US$ / OZ)
TECHNICALS:

1.
- Price was respecting a short-term descending trend-line
- During consolidation phase price broke out sideways from trend-line
- Price then retested the trend-line on Friday
- Possible precursor to bullish move

2.
- 1222 Psychological level has acted as strong support as of recent
- The retest of the descending trend-line coincided with the 1222 support
- Price attempted to break lower through this level, however snapped back to close
the day on Friday resting upon it

3.
- On the 1hr timeframe a clear H + S bullish reversal pattern can be seen during the retest of the trend-line
- The shoulders lay perfectly on the 1222 Pysc support
- The head of the pattern tried to break below this level however failed and snapped back

FUNDAMENTALS:

- Iran/US tensions yet another geopolitical tension to add to the list that may prove bearish for USD
- If China/US trade tariffs calm down then this may provide a relief rally for gold as this has been subduing it for some time now

Appreciate any thoughts/comments,

Thanks for reading,

James

Comments

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