Charlieab94
Short

Gold XAUUSD *HEAD & SHOULDERS PATTERN*

OANDA:XAUUSD   Gold Spot / U.S. Dollar
There is a very basic and simple head and shoulder pattern forming on Spot Gold just below the $1700 per ounce level.

Bullish trendline broken, lower high seems to be made and if you convert the chart to a line chart, the left shoulder/head/right shoulder looks quite clear. Obviously this is a risky trade considering the current fundamental situation but the pattern trade looks to be valid.
Mar 11
Trade active: Almost 1/2 way to the $1600 target
Mar 12
Trade closed: target reached: Trade close at $1598 (slippage)

Comments

Good work, I didn't see the head and shoulders pattern. Instead I saw a Ascending broadening wedge
+1 Reply
@tuckerx2, Thanks mate :)
Reply
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