Gold- head and shoulder and possible Cypher

FX:XAUUSD   Gold Spot / U.S. Dollar
Resistance- $1288, $1293, $1303

Support- $1283, $1278-1276, $1263

  • Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart.
  • The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C of Cypher pattern from where a fresh bullish move could happen).
  • On the other hand, a failure to dip below $1283 followed by a break above $1294 would open doors for a rise to $1300-1303 levels.
the support was exactly at $1263, good forecast!
TipTVFinance st.jingfengyu
Thanks. hoping to see a rebound now towards point D
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