Head & Shoulders Pattern Forming – Gold Breakdown Soon?

7 giorni fa

Gold(XAUUSD) is currently near the Resistance zone($2,948-$2,940). Gold attacked the Resistance zone($2,948-$2,940) several times but failed to break it and even created a Bull Trap.

Regarding Classical Technical Analysis, Gold seems to be completing the Head and Shoulders Pattern. If Gold reaches the Neckline of this pattern, it seems to succeed in breaking it. One of the signs of the validity of the Head and Shoulders Pattern is to see a Regular Divergence(RD-) between the two shoulders, which we see here.

According to the theory of Elliott waves, Gold seems to have succeeded in completing corrective waves. The structure of correction waves is Double Three Correction(WXY).

I expect Gold to reach the Neckline of the Head and Shoulders Pattern in the coming hours, and if it breaks, it will drop to at least $2,901.

Note: If Gold can go over the Resistance zone($2,948-$2,940), we can expect more pumps.

Note: If Gold touches $2,934, we can hope for a drop.

Do you think that Gold succeeds in forming a new All-Time High(ATH) or does it need to be corrected?

Be sure to follow the updated ideas.

Gold Analyze ( XAUUSD ), 30-minute time frame.

Do not forget to put Stop loss for your positions (For every position you want to open).

Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.

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6 giorni fa

Trade attivo

Considering the fake breaks that gold set for the Resistance zone($2,948-$2,940), the Head and Shoulders Pattern failed, but instead, we can think of the Double Top pattern.

The worst Stop Loss(SL) can be $2,958.

Targets could be the Support zone($2,920-$2,906) and $2,901 in the next Step.

5 giorni fa

Trade chiuso: obiettivo raggiunto

Full Target Done