Spot Gold consolidates within hourly cloud after break below H&S neckline

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GOLD Spot Gold is at the back foot after overnight’s rejection at 1266 and subsequent easing that formed hourly Head and Shoulders pattern. Another bearish signal was generated after break below H&S’s neckline at 1255 that triggered fresh slide to 1248, session low. Downside attempts were so far contained by hourly Ichimoku cloud base, with near-term price action consolidating within hourly cloud, spanned between 1248 and 1256. Near-term structure remains weak and favors fresh bearish

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