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!
Pay attention to the retrace to 1330 and keep rising.