XAUUSD Update - Head and Shoulders Formations, Drop Soon?
Updated
Hi,
If you read on my analysis on Gold before, the weekly chart showed that the price is on the downtrend line. The price of gold has been slowing down for a few days and failed to break the 1,800. There is a formation of Head and Shoulders on the 4H Chart, shall the break confirm a further downfall for the Gold ? Possibly so. I am going short if there is.
As the consumer confidence was higher than consensus, this might be the case. However, beware on the upcoming FOMC statement.
Happy Trading!
If you read on my analysis on Gold before, the weekly chart showed that the price is on the downtrend line. The price of gold has been slowing down for a few days and failed to break the 1,800. There is a formation of Head and Shoulders on the 4H Chart, shall the break confirm a further downfall for the Gold ? Possibly so. I am going short if there is.
As the consumer confidence was higher than consensus, this might be the case. However, beware on the upcoming FOMC statement.
Happy Trading!
Trade closed: target reached
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