Head, Shoulders, Knees, and Toes. With confirmation

We experienced heavy selling pressure on gold today once the head and shoulders pattern was confirmed at 1292 neckline .

Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover

تعليق:

Forgot to mention we will likely base resistance along the way down particularly at 1272.