scorpiousg
Short

XAUUSD HEAD AND SHOULDERS PATTERN

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
I have a short term/intraday bearish bias on FOREXCOM:XAUUSD             , which has setup a Head and Shoulders pattern over the last week, with a neckline break out earlier this morning, with a lower low lower close below previous structure lows.

Measured target for this pattern completes at about the 1290 level (which coincidentally is the neckline area for an Inverted H&S setup on this commodity-not shown here and no idea posted-hence the reason for the short term bias), with some resistance turned support along the way (most significantly is the 1306-1304 area where there is some fib confluence).

With price action pushing back up above the neckline, a decent entry is setting up on this time frame in the form of a very small Bearish Gartley Pattern (I'll be publishing that idea right after this).

Happy Trails.

Comment:
snapshot


For a while there, I thought it might not happen as Gold pushed up higher, almost looking to violate the right shoulder but didn't- market really does what ever it wants. That said, while not an entirely pain free trading opportunity, the Head and Shoulders has now completed to measured targets, playing out almost perfectly (supports hit and held at 1304 and 1299 as anticipated but gave way to achieve measured targets).

If you caught this move Kudos and Congratulations.

Chalk one up for awesome education on structure and price action analysis.
So what next for Gold? Back to the drawing board.

GOLD: FOR A MOMENT WE THOUGHT IT WOULDN'T PULL THROUGH BUT PATIENT HAS MADE A FULL AND SUCCESSFUL RECOVERY!
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