GOLD, a head&shoulder pattern forming!
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GOLD, a head&shoulder pattern forming!
Baically Gold is trying find a rather steady way to breakthrough, that's why we can s this pattern from the Chart H4.
Now Gold is facing the challenge from the right part of the "neck line"=L1225.
We will see a breakthrough after this H4 ends well with a big red candle, which is Plan A, otherwise it may fall back to yellow trend line and implement Plan B.
So generally, I this this patter is still quite attactive for those who want to go long with Gold, but we need a positive signal to confirm, which is a big red candle.
Resisitance: 1230, 1235, 1240 and 1245.
Support: yellow trend line, blue trend line, 1220 and 1212.
Let wait and see.
Good luck with you trading!
Baically Gold is trying find a rather steady way to breakthrough, that's why we can s this pattern from the Chart H4.
Now Gold is facing the challenge from the right part of the "neck line"=L1225.
We will see a breakthrough after this H4 ends well with a big red candle, which is Plan A, otherwise it may fall back to yellow trend line and implement Plan B.
So generally, I this this patter is still quite attactive for those who want to go long with Gold, but we need a positive signal to confirm, which is a big red candle.
Resisitance: 1230, 1235, 1240 and 1245.
Support: yellow trend line, blue trend line, 1220 and 1212.
Let wait and see.
Good luck with you trading!
Not
Two targets hit!!Pay attention to the retrace to 1330 and keep rising.
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