GOLD (XAU/USD): detailed outlook. Where are we headed next?
Taking a look at the Weekly timeframe chart, it can be noticed that the price has been heavily rejecting the local crucial zone of resistance. The previous weekly candle has left a 700-pip wick and closed below the local structure.
Zooming into the H8 timeframe chart, it can be seen that the price has formed some sort of a Head&Shoulders pattern. We are patiently waiting for the price to break and retest the $1888 level of support, before further downside movements can take place. The $1845 zone of support will be eyed as the next possible target.
Happy trading, everyone!
Zooming into the H8 timeframe chart, it can be seen that the price has formed some sort of a Head&Shoulders pattern. We are patiently waiting for the price to break and retest the $1888 level of support, before further downside movements can take place. The $1845 zone of support will be eyed as the next possible target.
Happy trading, everyone!