I've got a quick update on the Gold chart that you need to know about. It appears we're in the midst of a classic Head and Shoulders pattern, and there's room for more downside ahead.
Gold has been shaping a textbook Head and Shoulders pattern, and the recent break below the critical support level at 1910 is a significant development. This break suggests a strong possibility that Gold prices could head towards 1890.
1890 is a crucial level to watch because it aligns with previous support and resistance zones. If Gold continues to follow this pattern, reaching 1890 seems highly probable. IF gold breaks the 1890 level, it could even reach 1840 levels but we may wait for a sort of pullback on 1890 level back to 1915 levels
Keep an eye on other charts like GBP/USD, EUR/USD, and Silver, as they often move in sync with Gold and are taking the same pathway. The strength of the US dollar and the performance of US stocks can exert substantial influence on these assets, amplifying the bearish momentum.
Bearish momentum is a key factor to consider. The Head and Shoulders pattern itself is a bearish signal, and when combined with the broader market sentiment, it further reinforces the potential downside for Gold.
📈📉 #Gold #TradingView #BearishPattern
Gold has been shaping a textbook Head and Shoulders pattern, and the recent break below the critical support level at 1910 is a significant development. This break suggests a strong possibility that Gold prices could head towards 1890.
1890 is a crucial level to watch because it aligns with previous support and resistance zones. If Gold continues to follow this pattern, reaching 1890 seems highly probable. IF gold breaks the 1890 level, it could even reach 1840 levels but we may wait for a sort of pullback on 1890 level back to 1915 levels
Keep an eye on other charts like GBP/USD, EUR/USD, and Silver, as they often move in sync with Gold and are taking the same pathway. The strength of the US dollar and the performance of US stocks can exert substantial influence on these assets, amplifying the bearish momentum.
Bearish momentum is a key factor to consider. The Head and Shoulders pattern itself is a bearish signal, and when combined with the broader market sentiment, it further reinforces the potential downside for Gold.
📈📉 #Gold #TradingView #BearishPattern