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Gold - Sharp losses if hourly closing below $1260

FX:XAUUSD   Gold/U.S. Dollar
Resistance - $1270, $1276, $1285

Support - $1263, $1253, $1246

Pattern – Head and shoulder breakout, Cypher

  • Hourly closing below $1260 (Point C should not close below 1.414 as per Cypher rules) would open doors for a drop to head and shoulder target of $1246.
  • On the other hand, rebound from $1260 coupled with a move in hourly RSI above 30.00 would signal bullish price RSI divergence and open doors for a re-test of head and shoulder target of $1276, which if breached would add credence to the possibility of prices moving higher to point D.
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