This 1-hour chart of Gold Spot / U.S. Dollar (XAUUSD) illustrates a classic bullish inverse head and shoulders reversal pattern. The pattern, comprising a distinct left shoulder, head, and right shoulder, signals a potential shift from downtrend to uptrend. The chart includes 20-period and 50-period Simple Moving Averages (SMAs) and projects an upside price target of approximately $3400, representing a potential gain of over 2% from the pattern's neckline. This setup suggests a strong probability of upward price movement for gold in the near term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.