This is indeed a big problem.
With the third drop in row, XAUUSD sharps a Head and Shoulder pattern on the chart.
Gold now stands infimly on SMA50 and 23.6% Fib retracement of (1050-1275)
Any break of those key supports would send gold lower to next support : The Neckline of H & S pattern and even 38% Fib retracement level at 1190
Next week, we will have the answer whether Gold falls further or stop the correction to fuel next rally.
So we only watch three levels:
- Neckline of H & S pattern.
- 23.6% Fib Retracement.
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