Trading1to100

GOLD HEAD N SHOULDERS FORMATION

FX:XAUUSD   Gold Spot / U.S. Dollar
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GOLD HAS FORMED HEAD N SHOULDER, HOWEVER A BREAK AND CLOSE ABOVE 1295 WILL INVALIDATE THIS SETUP.

LS=1263, HEAD= 1295, RS=1274.

H/S TO REMAIN VALID IT HAS 1ST TO BREAK BELOW 1245(RIGHT MID SHOULDER) AND 1215(RIGHT LOW SHOULDER).

BREAK BELOW 1195(LEFT SHOULDER LOW) WILL VALIDATE H/S AND LOWER PRICES.

PRICE TARGETS ON BREAK AND CLOSE BELOW 1195= 1140-1120.
Comment: H/S has been invalidated above 1275, price break above 1295 then upside price targets 1305-1325 in the short term.
Comment:
Price can also extend to 162*XA= 1345(CRAB).
Comment: Gold a double top or false breakout at 1295/1296.Currently at 382 support from 1214-1296, break below 1265 then 1245 next support level break below 1245 then 1214 retest probable.
IF 1265 holds support and close above 1275-80(trendline) then higher price zones 1320-1345.

Great work! Good luck:)
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