XAUUSD outlook
On the Weekly and Daily chart, it's possible that Gold is forming an inverse Head and Shoulders pattern.
Currently, the price is forming the right shoulder and is raising slowly within an ascending channel.
If the price continues rising within the channel this will add further confirmation for the H&S pattern. However, the pattern can also be negated if we drop out of the ascending channel.
If the price continues up within the channel and reaches above 1800 we are likely to reach 1820 then 1838, we will be looking for long positions above 1800.
If the price drops below 1760 breaking the Red trendline we are likely to drop to 1720 and then 1707, we will be looking for short positions below 1760
We have an 1838 target on the upside and 1707 on the downside.
On the Weekly and Daily chart, it's possible that Gold is forming an inverse Head and Shoulders pattern.
Currently, the price is forming the right shoulder and is raising slowly within an ascending channel.
If the price continues rising within the channel this will add further confirmation for the H&S pattern. However, the pattern can also be negated if we drop out of the ascending channel.
If the price continues up within the channel and reaches above 1800 we are likely to reach 1820 then 1838, we will be looking for long positions above 1800.
If the price drops below 1760 breaking the Red trendline we are likely to drop to 1720 and then 1707, we will be looking for short positions below 1760
We have an 1838 target on the upside and 1707 on the downside.