Upward move on XAUUSD started in mid-December.
Firstly, reached 0.5 of large fibo ~1208$/oz then 0.618 of large fibo ~1247$/oz.
In my opinion price of XAUUSD will go down then retrace back to finally move downwards.
If that scenario will happen then, it may create Head and Shoulder pattern.
Breakage of the neck line will cause XAUUSD to go down to ~1010$/oz.
Firstly, reached 0.5 of large fibo ~1208$/oz then 0.618 of large fibo ~1247$/oz.
In my opinion price of XAUUSD will go down then retrace back to finally move downwards.
If that scenario will happen then, it may create Head and Shoulder pattern.
Breakage of the neck line will cause XAUUSD to go down to ~1010$/oz.
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My prediction for SHS was wrong however, downward move of gold predicted accurately. Expecting even more downward move as FED will not increase interest rates this March!
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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.