themarketzone

Head and Shoulders pattern - Breakdown or a run to 1300?

FX:XAUUSD   Gold Spot / U.S. Dollar
$XAUUSD was one of my winners last week with successful bearish harmonic pattern traded from 1260$ to 1230$.
Now a bearish Head and Shoulders was formed with a neck line that is also the bottom of a trading channel.
The price closed below the 50 SMA line and barely above the Fast SMA line.
1225$ - Key support zone

Bearish scenario - Breakdown and continuation towards 1200$ and 1180$
Bullish scenario - Neck line holds as support and $XAUUSD runs towards top of trading channel - 1300$

Tomer Jakov, The MarketZone (@themarketzone)
This analysis is part of the Weekly Markets Analysis newsletters
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