XAUUSD: Sell opportunity on Inverse Head and Shoulders
Gold is trading on an Inverse Head and Shoulders pattern with the Right Shoulder repeating the Left Shoulder sequence. On the 4H chart it is clearer (RSI = 63.637, MACD = 12.780, ADX = 53.651) as the MACD is repeating the crosses on the exact same spots.
On the MA50 (blue line), which last week supported the current uptrend, breaks then we are expecting a drop first to the 0.5 Fibonacci = 1,577.50 and the 0.786 = 1,505.00 in extension.
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On the MA50 (blue line), which last week supported the current uptrend, breaks then we are expecting a drop first to the 0.5 Fibonacci = 1,577.50 and the 0.786 = 1,505.00 in extension.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial