Potential Head & Shoulders Pattern on 4-hour Chart

OANDA:XAUUSD   Gold Spot / U.S. Dollar

Looking at the daily chart , we see a reversal pattern where a gravestone doji candle was formed at the multi-year resistance. The following day was a down day which confirmed the reversal sign. Therefore, it is likely that gold will go down if not breaking recent high at 1358-59.
Now while looking at the 4-hour chart, we see a potential head & shoulders pattern. If gold manages to break the pattern's neckline, it will go down to support at 1310 area.

Please note that if gold trades above 1358-59, the reversal pattern daily chart and the head & shoulders pattern on 4-hour chart will be invalid.



Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out