Gold's Inverted Head & Shoulders: Bullish Run to $2400?
Updated
Hi Realistic Traders, let's delve into the technical analysis of 
XAUUSD
Gold has rebounded around the EMA200 line more than three times, simultaneously forming an inverted head and shoulders pattern. Recently, it broke the neckline with a bullish marubozu candlestick, a strong indicator of potential bullish continuation. This breakout, coupled with the bullish candlestick, suggests a likely move to the designated first target area. Afterward, we anticipate a minor pullback before a continued rise to the second target at $2428.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on GOLD."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
XAUUSD Gold has rebounded around the EMA200 line more than three times, simultaneously forming an inverted head and shoulders pattern. Recently, it broke the neckline with a bullish marubozu candlestick, a strong indicator of potential bullish continuation. This breakout, coupled with the bullish candlestick, suggests a likely move to the designated first target area. Afterward, we anticipate a minor pullback before a continued rise to the second target at $2428.
It is essential to note that the analysis will no longer hold validity once the target/support area is reached.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on GOLD."
Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below
Note
The breakout continues with impulsive candlestick :DTrade active
Retested the trendline and moving upward again, bullish trend may continuesTrade closed: stop reached
Yuph hit stop loss, it may be because better than expected NFP Data
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.