Gold Price Analysis: Potential Head and Shoulders Breakdown
hello guys.
In the 30-minute chart of Gold Spot (XAU/USD), A head-and-shoulders pattern has formed, signaling a potential bearish reversal. The price is currently consolidating near the right shoulder, and if a breakout below the neckline occurs, it could lead to a further downside.
The volume profile indicates a strong support zone around $2,962 - $2,965, which aligns with a key liquidity area. As illustrated by the red arrows, the expected price action suggests a minor pullback before continuing toward this support zone.
Traders should watch for confirmation of the breakdown before entering short positions, with a target near the highlighted demand area.
In the 30-minute chart of Gold Spot (XAU/USD), A head-and-shoulders pattern has formed, signaling a potential bearish reversal. The price is currently consolidating near the right shoulder, and if a breakout below the neckline occurs, it could lead to a further downside.
The volume profile indicates a strong support zone around $2,962 - $2,965, which aligns with a key liquidity area. As illustrated by the red arrows, the expected price action suggests a minor pullback before continuing toward this support zone.
Traders should watch for confirmation of the breakdown before entering short positions, with a target near the highlighted demand area.
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👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended exchange(you can get up to $5050 bonuses): lbank.one/join/uF7u10M
____
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
____
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram: t.me/melikatrader94
Forex: t.me/melikatrader94GoldForex
Related publications
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.