Gold, on H1 is doing the following: 1. trading in channel 2.has formed Higher highs and higher lows 3. trendline is still intact 4.last candle engulfed a previous pin bar. We therefore believe it is a buy.
This pair has formed a nice double bottom/M pattern; price broke out of zone, it is retracing. We expect a buy momentum up to 1.3720
Last week, market was bullish, however on the last day, price showed a bearish pin bar candle which shows a buying exhaustion. I foresee a retracement; price is likely to form an inverted Head and shoulders. It might drop to 1.1752, if setup is respected, before shooting up to 1.2180-1.2255