Is Gold Putting in a Head and Shoulders? - Forex News by FX Leaders

Is Gold Putting in a Head and Shoulders?

Posted Friday, October 27, 2017 by
Rowan Crosby • 1 min read

If you’ve been tuned into FX Leaders in the last month you’ll know that we’ve been trading gold quite heavily and with good success. Since the North Korean saga has died down a touch and the USD has been gaining ground, gold has been bearish.

Technically it looks like we are making a head and shoulders pattern. Which is bearish also and confirms our sentiment.

That said, at the moment we are now sitting right on a support level. I would like to see a little bounce in the yellow metal before possibly taking on another short.

We also have US GDP out today which is something to consider as it will move the USD, if we come in either above or below expectations. The 200-SMA is also sitting just below us, which is bound to help prop us up.

However I think the chart looks increasingly bearish and the head and shoulders only confirms this.

 

GoldGold -240 min Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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