Sive Morten
Special Consultant to the FPA
- Messages
- 18,872
Greetings everybody,
So, D. Trump impeachment rush has brought an adjustment to our bullish scenario as gold has dropped deeper than we've suggested, right to major 5/8 Fib support. It doesn't change our major scenario by far, but makes impact on short-term strategy.
In fact, our invalidation point is recent lows, which is also the neckline of direct H&S pattern. To make our scenario work, H&S has to fail. That is what we will keep an eye on here. There are two patterns to watch here - potential bullish grabber and butterfly that could finalize all weekly targets.
Conversely, drop below neckline tells that bullish scenario is vanished and gold is moving with daily H&S pattern:
Although drop on 4H chart looks strong - it is not gold reasons stand beyond it, but just artificial D. Trump impeachment which looks absolutely contriving. So, although the shape of collapse is impressive, it's background is arguable. This keeps bulls in game.
Drop below 1500 area will turn advantage in favor of the bears. And it would be better to not take any longs below it.
So, D. Trump impeachment rush has brought an adjustment to our bullish scenario as gold has dropped deeper than we've suggested, right to major 5/8 Fib support. It doesn't change our major scenario by far, but makes impact on short-term strategy.
In fact, our invalidation point is recent lows, which is also the neckline of direct H&S pattern. To make our scenario work, H&S has to fail. That is what we will keep an eye on here. There are two patterns to watch here - potential bullish grabber and butterfly that could finalize all weekly targets.
Conversely, drop below neckline tells that bullish scenario is vanished and gold is moving with daily H&S pattern:
Although drop on 4H chart looks strong - it is not gold reasons stand beyond it, but just artificial D. Trump impeachment which looks absolutely contriving. So, although the shape of collapse is impressive, it's background is arguable. This keeps bulls in game.
Drop below 1500 area will turn advantage in favor of the bears. And it would be better to not take any longs below it.