AbInvestments

$1800+ Potential Reverse H&S

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Here we can see a potential reverse H&S Pattern beginning to form.
I will be looking for long position once gold taps the 61.8 fib retracement level to form the right shoulder.

We already know that if this pattern forms once the neckline breaks it should break the same length as the neck to head.
After putting in a fib extensions from the 61.8 retracement we can see that the 161.8 is a perfect fit and lines up with the same distance.
Comment: broke the neckline as expected, next target $1800.
Keep an eye out for the 1765 level as this is the 2020 high and I'm expecting strong resistance around this level.

Will wait for a reaction around 1765.

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