Gold Spot / U.S. Dollar
Long
Updated

"Gold (XAU/USD) Forming Inverse Head & Shoulders – Bullish Break

77
This chart represents the technical analysis of Gold Spot (XAU/USD) on a 1-hour timeframe. Here are the key insights:

### **1. Head and Shoulders Pattern:**
- The chart suggests a possible **inverse head and shoulders** formation.
- **Left Shoulder:** Marked at a recent price dip.
- **Head:** A lower dip indicating a strong support level.
- **Right Shoulder:** Expected to form at a slightly higher level than the left shoulder.

- This pattern is **bullish**, indicating a potential price reversal to the upside if the neckline (resistance level) is broken.

### **2. Bearish Flag & Downtrend Resistance:**
- A **bearish flag** is drawn on the chart, showing a downward sloping channel.
- The price is currently trying to break out of this downtrend.
- A successful breakout above this resistance could lead to bullish momentum.

### **3. Key Levels:**
- **Major Resistance:** **$2,952.784** (Highlighted in red).
- **EMA 200 Support:** **$2,899.278** (The blue moving average line).
- **Current Price:** **$2,908.690**
- **Main Support Area:** The green trendline supports the potential right shoulder.

### **4. Possible Market Movement:**
- The red arrows suggest a **bullish breakout** scenario.
- The price may test support around the green trendline before pushing higher.
- If the inverse head and shoulders pattern plays out, the price could move toward the **$2,950+** resistance.

### **5. Conclusion:**
- **Bullish Scenario:** If price breaks above the neckline, it could continue towards **$2,950 - $2,960**.
- **Bearish Scenario:** If price fails to hold the right shoulder support, it may drop back toward **$2,880 - $2,860**.
By KingProTrader
Trade closed: target reached
scalping profits booked now i am waitng for next entry

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