Gold - Inverse head & shoulders looks for $1516

XAUUSD

Gold - Intraday - We look to Buy a break of 1501 (stop at 1496)

Buying yesterday resulted in the sequence of 4 negative daily performances being broken. The medium-term bias remains bullish. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. A bullish reverse Head and Shoulders is forming. Bias is mildly bullish today but we need to see a break of 1500 to confirm the upward pressure.

Our profit targets will be 1516 and 1528

Resistance: 1500 / 1517 / 1528
Support: 1494 / 1485 / 1480

Trade active:

Break of 1501 triggered long and prices have extended higher
Stop moved to break even then $1507

Trade closed: target reached