Gold: Price is Exhibiting Head & Shoulders Strcure on 4H & 1 H chart. 4 H chart is Bearish, Daily chart is Neutral to bearish. Price is under the IChimuku Cloud in 4 H.
Daily chart is forming a death cross (20 SMA cutting 50 SMA) which might be completed in 1 day or Two.
Currently Gold is trying to recover losses and on retracement journey. I am expecting Price to test the 3347-3354 Zone of resistance where 4H 200+100 SMA + TL resistances+ Structure resistance will likely to Push price back to 3320 & 3300 Support Zone.
If price breaks the 3300 level. Then this daily candle break may take price to 3280 Support Level.
Good Luck
Daily chart is forming a death cross (20 SMA cutting 50 SMA) which might be completed in 1 day or Two.
Currently Gold is trying to recover losses and on retracement journey. I am expecting Price to test the 3347-3354 Zone of resistance where 4H 200+100 SMA + TL resistances+ Structure resistance will likely to Push price back to 3320 & 3300 Support Zone.
If price breaks the 3300 level. Then this daily candle break may take price to 3280 Support Level.
Good Luck
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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.