Gold
Chart courtesy of Tradingview.com
As seen in the above 4-hour chart, Gold has finished shaping a short term reversal pattern we've seen before, called a Head And Shoulders pattern. This pattern was confirmed on the RSI where the model is even more bearish as consequent lower highs were shaped.
The vertical neckline, highlighted in black, has been broken today below $1197 and this is a good sell signal. The target is the distance from the top of the head to the neckline, subtracted below the neckline. So the market aims for $1159 (highlighted in the red dashed horizontal line), which is $35 down from the current price at $1194. Continue reading "Gold and Silver: Short "Short" Play"
