XAUUSD: Rejection on 1D shows 1204.
The Lower High rejection on the 1D Channel Down (RSI = 49.770, Highs/Lows = 0.0000) has pushed the price to 1,220, completing a Head and Shoulders pattern on 4H (Highs/Lows = -2.5686, B/BP = -3.8800). This is a indication of a bearish reversal with th first support on 1D seen within 1,204 - 1,207. The break out barrier is of course the previous Lower Low of the 1D Channel Down at 1,196. Our TP remains 1,194.25 with 1,180 on the long term.
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