Multiple Head & Shoulders Patterns on 30-min Chart

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold forms multiple head & shoulders patterns on 30-min chart. The big head & shoulder pattern is highlighted in yellow color while the small head & shoulder pattern is highlighted in light blue color. Please note the head of the small one is actually the right shoulder of the big one.

After breaking down under neckline of the small h&s pattern, price retested the small pattern’s neckline then fell to 1408. That was also a breakdown under neckline of the big h&s pattern. After finding support at 1408, now gold is recovered to test neckline of the big pattern. If gold is unable to trade above neckline of the big pattern, it will likely to fall further and break support at 1407-1408.

There are two targets to consider if breaks support at 1407-1408. First target is the support at 1400-1403. If 1400-1043 can’t hold, look for lower support at 1385-1388.

Comment: Reached first support at 1400-1403


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