Gold- head and shoulder and possible Cypher
Resistance- $1288, $1293, $1303
Support- $1283, $1278-1276, $1263
Support- $1283, $1278-1276, $1263
- Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart.
- The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C of Cypher pattern from where a fresh bullish move could happen).
- On the other hand, a failure to dip below $1283 followed by a break above $1294 would open doors for a rise to $1300-1303 levels.
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.