YELLOW METAL Might Break The Neckline Of H&S Amid RISK ON Market

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Markets are in the RISK ON mood which usually puts pressure on safe assets and currencies including the yellow metal. Here we see a HEAD AND SHOULDER pattern on the verge of completion!

The neckline will likely be broken soon enough as the risk ON markets dominates the appetite of the investors. Once the neckline gets broken we should see the selling pressure building up towards the next ascending trendline support that lies in the region of 1260.00 level.

I am already short on this pair with my entry being at 1295.000 level , TP at 1267 & SL at 1321.00
My trade that is short has been active since one month and once the neckline breaks we can expect the TP levels to be reaching soon enough.

This is just an outlook behind the current yellow metal state and where its heading, if you want to enter i suggest you do that at your own risk as the price has drifted away from our entry level and the RISK TO REWARD RATIO will NOT be 1:1 in this case. Nonetheless its a very high probability setup both technically and fundamentally. If you like my analysis please drop me a LIKE and FOLLOW me if you would like to receive more future analysis. cheers and thanks
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