justatrader
Long

Gold prices could test 1185 on H1 IHS pattern

FX:XAUUSD   Gold Spot / U.S. Dollar
The daily chart for gold             closed in a doji yesterday and this could signal a near term pullback in the declines. The 1-hour chart shows a potential inverted head and shoulders pattern in the making with the right shoulder yet to be formed.

Expecting a reversal near 1170 - 1167.50 region. If this happens, gold             could then rise back to the neckline at 1175 followed by a push to 1185 - 1187.50 to complete the head and shoulders pattern.
Man, that was spot on
+1 Reply
@harryexe, Thanks. Was trying a new method to look at daily/weekly for longer term trend and then see if there is any continuation or retracement trade set ups coming up. Using 5-min chart to pick potential S/R levels and then applying it to H1 charts. If all goes well, gold should be gapping higher on Monday. I think there is room to run towards 1191.Next step would be to buy the dips to the neckline support. Let's see how the market reacts on Monday to the events in Europe.
+1 Reply
harryexe justatrader
@justatrader, Good call there, right on point!
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