28 Apr - XABCD Pattern Signals Potential UpsideRecently, the expected Head and Shoulders pattern seems to be delayed — and possibly invalidated — as buyers successfully defended the line at $3,287, pushing the price up to $3,319 on Friday. As a result, a new bullish setup has emerged.
On the 1-hour chart, an XABCD harmonic pattern has clearly formed, offering two upside targets:
Target 1: $3,367
Target 2: $3,435
On the downside, $3,260 is now acting as the critical level. A break below this point could open the door for lower prices.
For now, the bias is long until Target 1 at $3,367 is reached. Traders should monitor short-term sentiment closely: if signs of weakness or a shift appear, the price could reverse earlier.
Important to note: the Head and Shoulders pattern remains a risk if price falls below $3,260 after reaching $3,370 and moves toward the neckline at $3,237.
📍 Summary:
Idea: Go long toward $3,367.
Risk: Head and Shoulders pattern could still complete if bearish momentum returns.
Stay sharp and manage your risk accordingly!
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This is just my personal market idea and not financial advice! 📢 Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly.
Good luck and safe trading! 🚀📊
