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Gold – losing height, H&S formation on daily chart

FX_IDC:XAUUSD   GOLD / US DOLLAR
58 0 2
Resistance – $1255, $1270, $1283

Support – $1237, $1223, $1218

  • Gold’s failure to sustain above $1260 and a fall back below falling trend line on daily chart has left the doors open for a drift lower to 50-DMA of $1237 levels.
  • Fall back from NY session high kept the head and shoulder formation intact.
  • On the higher side, prices need to breach $1255 in order to re-test $1263-1270 (previous day’s high).

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