7/8: Inverse Head and Shoulders Pattern, Support at 3321–3312Good morning, everyone!
Yesterday, gold broke below the 3321 support during the session, dropped to around 3296, then staged a strong rebound back toward the opening price—forming a classic deep V-shaped reversal and regaining support above the MA60 on the daily chart.
The market remains in a consolidation phase between the MA20 and MA60 on the 1D chart, with no clear directional breakout yet.
On the 30-minute chart, the previous head-and-shoulders top pattern has been completed with the recent decline. The current structure can be tentatively viewed as the formation of a head-and-shoulders bottom.
If this bullish reversal pattern holds:
The 3321 level must act as valid support during any pullback; deeper confirmation may come from 3312, which corresponds to the previous left shoulder low. Although this was partially driven by a data-related spike, most candle bodies remained around 3321—so 3321 is the primary support, and 3312 is the backup.
If confirmed, the price may advance toward the 3360 target zone.
If the pattern fails, watch for the development of a double bottom formation, with MA60 on the daily chart remaining a key support level.
📌 For today, focus on trading within the 3312–3352 range, using a buy-low/sell-high approach, and stay flexible in response to evolving chart patterns.
