Gold forming a head and shoulders pattern.
Neckline at 1730 support area. Shoulders at 1745 resistance area. Price broke the 1745 resistance, came back to test as support after making a new weekly high and capping at just below 1760 level. Price then slowed down at the 1745 support, signaling retailers to go long and slammed back down below 1745 and found support at the neckline 1730 support area.
Friday closed at the 1745 resistance once again, forming a tip of right shoulder, signaling a short from here.
Targeting 1710 support area which aligns with fib 61,8 retracement level if we measure the full lenght of the bullrun from 1680 up to 1760.
Neckline at 1730 support area. Shoulders at 1745 resistance area. Price broke the 1745 resistance, came back to test as support after making a new weekly high and capping at just below 1760 level. Price then slowed down at the 1745 support, signaling retailers to go long and slammed back down below 1745 and found support at the neckline 1730 support area.
Friday closed at the 1745 resistance once again, forming a tip of right shoulder, signaling a short from here.
Targeting 1710 support area which aligns with fib 61,8 retracement level if we measure the full lenght of the bullrun from 1680 up to 1760.