Nadim FXCM MENA
Short

Gold, Head and Shoulder

FX:XAUUSD   Gold/U.S. Dollar
177 0 0
In a previous idea I published i said that gold             was bullish giving that he was making an inverse Head and Shoulders you can find it here :
Inverse Head and Shoulder, GOLD, XAU.


But after the move of the 1st October a lot of things have changes. Gold             has just broken the neckline of a Head & Shoulders and canceled the inverse one I talked about in my previous post.

After hitting the 61.8% Fibonacci retracement gold             started to form the left shoulder.
The 50% retracment was a major support at 1307$, considering it could not break it for three consecutive days post-FOMC on the 13,16 and 17th of September and on the 24th. the only break below was the 18th (just before the FOMC no taper decision)
Today gold             breaked this support and touched 1283$ forming the right shoulder and braking the neckline in a single day.

1st target will be the 76.4% retracement taking us to 1240$.
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