#GOLD ANALYSIS ⟶ HEAD & SHOULDERS PATTERN!!
📉📈GOLD / ⏳1-Hour Timeframe
👉Following up on the previous post, considering the price touching the mid-line of the 4-hour bullish channel:
👉There is a potential for growth based on the formation of a head and shoulders pattern or continued decline based on the breakdown of the head and shoulders channel.
✅Growth Scenario:
If the price grows and breaks above the neck-line of the head and shoulders pattern, it can form a bottom here and continue its growth.
🎯Targets:
Target 1: 2535
Target 2: 2566.5
Target 3: 2581.75
Target 4: 2608.6
⚠️If it doesn't confirm growth from here, we should look for signs of growth at one of the support levels:
Support 1: 2477.725-2482.524
Support 2: 2431.590
✅Continued Decline Scenario:
If the head and shoulders channel breaks downwards,
🎯In this case, the decline will continue to the following targets:
Target 1: 2477.7-2482.524
Target 2: 2451.4
Target 3: 2431.6
⚠️Based on the previous post about GOLD, the overall decline is temporary, and a bottom will form at one of the targets, especially target 1 or 3, and growth will start (if it doesn't confirm growth from here!).
👉Following up on the previous post, considering the price touching the mid-line of the 4-hour bullish channel:
👉There is a potential for growth based on the formation of a head and shoulders pattern or continued decline based on the breakdown of the head and shoulders channel.
✅Growth Scenario:
If the price grows and breaks above the neck-line of the head and shoulders pattern, it can form a bottom here and continue its growth.
🎯Targets:
Target 1: 2535
Target 2: 2566.5
Target 3: 2581.75
Target 4: 2608.6
⚠️If it doesn't confirm growth from here, we should look for signs of growth at one of the support levels:
Support 1: 2477.725-2482.524
Support 2: 2431.590
✅Continued Decline Scenario:
If the head and shoulders channel breaks downwards,
🎯In this case, the decline will continue to the following targets:
Target 1: 2477.7-2482.524
Target 2: 2451.4
Target 3: 2431.6
⚠️Based on the previous post about GOLD, the overall decline is temporary, and a bottom will form at one of the targets, especially target 1 or 3, and growth will start (if it doesn't confirm growth from here!).
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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.
Related publications
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.