A sudden breach of the previous record high sparked a significant uptrend in the price of Gold last week, pushing it to a crucial resistance level at 2600.
Following a test of this level, the market began to consolidate and formed a head and shoulders pattern on the hourly chart.
A break below the neckline of this pattern will be a strong bearish indicator, suggesting a potential retracement from the resistance.
To short with confirmation, wait for a breakout of the neckline/support of the range. Targets for this retracement are set at 2569 and 2564.
Following a test of this level, the market began to consolidate and formed a head and shoulders pattern on the hourly chart.
A break below the neckline of this pattern will be a strong bearish indicator, suggesting a potential retracement from the resistance.
To short with confirmation, wait for a breakout of the neckline/support of the range. Targets for this retracement are set at 2569 and 2564.
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Join our Telegram channel for daily market update 👇👇
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For paid signal👇👇 t.me/linofx1999
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.