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The_Cannalyst

Bearish H&S ahead?

Short
Gold Spot / U.S. Dollar (FX:XAUUSD)  
The_Cannalyst Updated   
FX:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns Head and Shoulders
29
7
trendanalysis chartpattern headandshoulders
Former thread:
After kissing the fibos a new high should be made
Here we nailed it. At sept 5 we recognized, that this will be a possible top. we where right!
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Okt 12 Comment: after kissing the max fibo, the buyers came back. now we are trading at a Pivot Point - a Make or Break Level: 1300 is THE LEVEL TO WATCH now....trading below this Level is still bearish..trading above that Level is bullish!
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Now i see a possible H&S - right now we are kissing the neckline which could Trigger this bearish pattern. The Min TP would be 1210, the max tp 1175
Only trading above the right shoulder will brighten the chart
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unchanged view
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rsi is fine now - will we see a retest of the breakoutniveau?
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xau reached the resist Level, watch the rsi, here we see perhaps a selling Signal soon
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xau is kinnsing the main resistance, RSI ist stron overbought
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