Gold traders have no mercy, but take a look at this beautiful and precise H4 H&S. 1175/77 could stop this fall and return gold up toward 1185, bellow 1175 could be more fall. Heavy selling today, 1200 was broken first, MA200 second, 1185 third, up trendline after… Wow, 1175 could be next as well!? USD/JPY is marching upward strongly too…This is third attack on the 1178/80 level, starting March 31./April 24./Today. This level could be defended again, let’s see!? Hard battle between bears and bulls! If gold recovers today, 1185 is the first resistance on the way up.
I watched this possible H&S formation here at right shoulder, but I didn’t react. Btw. I mentioned this 1208 level (top shoulder) several times in my gold analysis as an resistance, but gold was to nervous in the last two days because of the FOMC yesterday, jobs today… I focused myself at EUR/USD in the last few days. Well, I can’t catch everything. :)
