GOLD (XAU/USD): detailed illustration. Where are we headed?
As it can be inferred from the 4H timeframe graphic, the price has formed a Head&Shoulders reversal pattern on an important zone of support.
At the moment, the price is at the doors of a previous zone of support now turned resistance. Normally, you would want to open short positions from here, due to the fact that the price is retesting the previous Lower Low. However, with the amount of bullish power witnessed recently, we are positive that the price will break the local key zone and keep pumping to the upside.
Our initial target will be set at $1874 area of resistance.
Happy trading, everyone!
At the moment, the price is at the doors of a previous zone of support now turned resistance. Normally, you would want to open short positions from here, due to the fact that the price is retesting the previous Lower Low. However, with the amount of bullish power witnessed recently, we are positive that the price will break the local key zone and keep pumping to the upside.
Our initial target will be set at $1874 area of resistance.
Happy trading, everyone!
Feragatname
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