Daily Inverted head and shoulder pattern takes gold to form a bottom at 1212??

Rajesh Tatineni BSH Advisory

Gold Trading Opportunity: Gold on daily chart currently trading at 1213 fell from 1228, as shown in the chart technically forming a inverse head and shoulder pattern where currently forming a right shoulder which the base should be around 1212-1214., If the day holds or close above 1213 can see a sharp rise till 1233 upside which the pattern will complete. A break can see a rise till 1260 as per pattern calculation. Overall we adivse to buy or add the positions from here to upside 1233 and invalidation of this pattern can be seen when it close below 1200 on closing basis.

Suggestion: Buy Gold from 1212-1214 FOR 1233 STOPLOSS COULD BE 1198

Author

Rajesh Tatineni

BSH Advisory

Expert in commodity and forex markets, Rajesh Tatineni carries a wide experience and vast knowledge of various financial instruments. He's been involved in financial markets since 2010.

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