Sforex

Gold: struggling around support. Watch key levels.

FX:XAUUSD   Gold Spot / U.S. Dollar
242 0 3
Gold             quickly cut the rally in this week despite of weak Dollar.

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:

- SMA50
- Neckline of H & S pattern.
- 23.6% Fib Retracement.
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