Inversed Head and Shoulders pattern on Gold Daily
Gold or XAUUSD has been in a very weird state lately as it broke consolidation towards the downwards just a few days ago and has been pushing down since, This then finished making the 2nd shoulder for the Inversed Head and Shoulders which is a bullish candlestick pattern. As you can see in the chart i have drawn the pattern has been forming over a long period of time, which is why i think we could see some consolidation on the daily chart until we break through this Inversed head and shoulders to the upside.
https://www.thinkmarkets.com/getmedia/2ef0eec0-543c-44cd-bdb3-6fe3980aedc0/Inverse-head-and-shoulders-pattern.jpg.aspx
https://www.thinkmarkets.com/getmedia/2ef0eec0-543c-44cd-bdb3-6fe3980aedc0/Inverse-head-and-shoulders-pattern.jpg.aspx
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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.