XAUUSD: Sell opportunity on Inverse Head and Shoulders

Gold is trading on an Inverse Head and Shoulders pattern with the Right Shoulder repeating the Left Shoulder sequence. On the 4H chart it is clearer (RSI = 63.637, MACD = 12.780, ADX = 53.651) as the MACD is repeating the crosses on the exact same spots.

On the MA50 (blue line), which last week supported the current uptrend, breaks then we are expecting a drop first to the 0.5 Fibonacci = 1,577.50 and the 0.786 = 1,505.00 in extension.




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