Gold / XAUUSD ~ Bearish H&S Dump / Emerging Asset Divergence

GOLD undergoing Bearish H&S - clear break below neckline; trying to establish a base to reverse momentum & re-test support.

Unusually strong selling off no immediate news - feels like possible "Sell The News/Buy The Fact" event ahead of US CPI release, TBC..

DXY - up/flat/within range
US Treasuries (long-dated) - down/flat/within range
Silver - down/flat/holding support

Only Asset Class exhibiting similar volatility is Bitcoin, up over 4% (potential divergence with Gold, TBC).

Bullish Support Confluences:
- 38.2% fib retrace (~1903)
- July 2022 trend-line (~1900)
- Psychological level (~1900)
- August 2023 lows / demand zone (~1885)

Bearish H&S Extrapolation Targets:
- Primary = gap fill (~1870)
- Undershoot = psychological level / trend-line / August lows (~1900-1885)
- Overshoot = 50% fib retrace (~1850)

Wait for re-test/neckline rejection to confirm H&S pattern is in play...alternatively higher than usual implied volatility from macro-economic influences warrant risk mitigation (ie wait for the dust to settle) before entering a position..

Trade at your own risk!


GC1! XAUUSD SILVER BTCUSD DXY DX1! US10Y US20Y US30Y