Gold retraced back to the 23.6 level and broke the 4hour Trend line. Currently creating a corrective move on the 1hour time frame. Await a breakout of the trend line and aim for 1550 level. I expect it to go even further
Despite the monster breakout on Tesla I feel it has hit the top of a trading channel and is with a rising wedge. The momentum has carried the stock despite dire earnings and false promises. Intraday volume shows pressured selling at the top and a break of the inner wedge should see the price collapse. Expect all gaps to be filled on the way down at to be trading...
Gold appears to be in a corrective state from a large bearish breakout. The 61.8 Fib level at 1220 should hold as support whereas the 38.2 level at 1250 will act a resistance. I see an upward break of the ascending trend line coming after the first test of 1250 before a retest of 1220.
The 2nd Test of 1250 will prove critical, a break above and the bearish trend...
Price has broken the neckline of the inverse head and shoulders pattern, I will wait for the pullback to 175-177 and enter with a stop at 167. Take profit above 200.
