By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The Gold is forming a potential Head and Shoulders pattern close to D H4 support. The pattern will become valid if the price rejectes from 1227.90-1231.45 zone. In that case sellers will resume control and the price should reach 1220.89. If the price breaks 1217.30 to the downside, the way to 1211.58 will be open.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
Free Reports:
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: Gold Head and Shoulders Formation in Progress
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